GMR-TERNA gets letter of award for airport in Greece

MUMBAI: GMR Infrastructure’s airport holding company in a consortium with Greece’s TERNA Group Friday got the letter of award for the development, operations and management of the Heraklion international airport at Crete, Greece.

“GMR Airports Limited is the designated Airport Operator in the consortium for this project. This follows the consortium being declared provisional contractor in June 2017,” a statement said.

ET had first written about GMR’s bid on October 28, 2016 and subsequently on its win.

Heraklion airport is the second largest in Greece and has witnessed a CAGR traffic growth of 10% per annum over the past three years. The scope of the project involves design, construction, financing, operation, and maintenance.

The concession period for the Greenfield project will be 35 years including phase 1 construction of 5 years.

Expected capital expenditure for phase 1 is Eur 520 million. The entire project will be funded through a mix of equity, accruals from the existing airport, and financial grant being provided by the Greek government.