GMR Airports, a subsidiary of GMR Infrastructure along with Greek partner TERNA Group has signed the Concession Agreement for Design,
Construction, Financing, Operation, and Maintenance & Exploitation of New International Airport of Heraklion at Crete, Greece. The Concession Period for the project is 35 years including Phase 1 Construction of 5 years.
The consortium intends to invest over 500 million Euro for development of the new airport. 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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