New Delhi: GMR Airports Ltd said on Monday it has achieved the concession commencement date for design, construction, financing, operation and maintenance of new international airport of Heraklion at Crete in Greece.
Prime Minister of Greece Kyriakos Mitsotakis laid the foundation stone of the airport, marking the beginning of the project.
GMR Airports along with its Greek partner GEK Terna signed the concession agreement for 35 years, including phase one construction of five years.
The consortium intends to invest over 500 million euros for development of the new airport. The project is well-funded through support of government grant and will not require any debt.
