GMR Airports Limited announced that it has achieved the "concession commencement date" - the date from which the concession agreement comes into effect - on Monday to build and operate airport in Crete island of Greece.
GMR Airports Limited along with its Greek partner GEK TERNA had signed the concession agreement in February last year for "design, construction, financing, operation, and maintenance and exploitation of the new international airport" of Heraklion city in Crete island.
The Concession Period for the project is 35 years including Phase 1 Construction of five years.
"The consortium intends to invest over Euro 500 million for development of the new airport," a statement from GMR Airports Limited said.
"The project is well-funded through support of government grant and would not require any debt. 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," it added.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.