GMR Airports, a subsidiary of GMR Infrastructure, along with Greek partner Terna group has signed the concession agreement for design, construction, financing, operation, maintenance and exploitation of new international airport of Heraklion at Crete, Greece.
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 with no debt. The concession period for the project is 35 years including first phase construction of five years.
