GMR-TERNA JV receives Letter of Award for new Crete airport

GMR Infrastructure announced that the Govt. of Greece has issued a Letter of Award to the consortium of GMR Airports (subsidiary of the company) and TERNA Group for the Development, Operations and Management of New International Airport of Heraklion at Crete. GMR Airports is the designated Airport Operator in the consortium for this project. This follows the Consortium being declared provisional contractor in June 2017.

The concession period for the Greenfield project will be 35 years including Phase 1 Construction of 5 years. Expected capex for Phase 1 construction is ~520 Mn Euro. The entire project will be funded through a mix of equity, accruals from the existing airport, and financial grant being provided by the Government of Greece, therefore debt is not required in this project.

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