HYDERABAD: Infrastructure major GMR Group along with Greece-based GEK Terna has bid for around 850 million Euro airport project in Greece.

GMR Airports and GEK Terna have bid for the development, operations and management of the new international airport of Heraklion at Crete Island.

In a release, GMR Infrastructure said, “It is understood that this is the sole bid for this concession”. Upon award, GMR Airports would be the airport operator for this project, it added. “The project is a concession agreement that concerns the study, construction and management of the new international airport of Crete (biggest island in Greece) and of all the necessary road connections. The construction cost is estimated by the Greek ministry of Infrastructure at around 850 million euro,” a spokesperson of GEK Terna told PTI. Heraklion airport, located in Crete and the second largest in Greece, is facing capacity constraint. According to the release, Heraklion aerodrome would be closed once the new airport is operational. “The scope of the project involves design, construction, financing, operation and maintenance of the airport for a concession period of 35 years,” it added. A GMR Airports spokesperson said the bid submission is in line with the group’s asset light growth strategy “with value build up from this project coming to GMR more from leveraging the airport platform, leading to enhanced revenue based services, than just equity”. Currently, GMR operates airports in the national capital and Hyderabad apart from bagging the right to develop and operate Mopa aerodrome in Goa. Besides, GMR Infrastructure in partnership with Megawide Construction Corp is developing Mactan Cebu international airport in the Philippines. GEK Terna Group was formed through the merger of GEK and Terna, two of the largest construction companies in Greece. It is now one of the leading Groups in Greece combining expertise in the areas of construction, energy production, concessions, mining and real estate.—PTI