On Friday, GMR Infrastructure Limited proclaimed that its subsidiary GMR Airports and its Greek partner Terna Group have signed a concession agreement for construction of the new international airport in Greece's island Crete, as reported by Indian daily newspaper Economic Times.
GMR group is an infrastructural company which is based in Bengaluru. Grandhi Mallikarjuna Rao paved the foundation of the company in 1978.
The major infrastructure company said that the associated companies decide to endow money more than EUR 500 million to develop the new airport. The concession period is decided to be 35 years, inclusive of phase 1 construction of five years, as reported by Indian daily newspaper Economic Times.
According to the infra company, the project would be funded by a conglomeration of equity, monetary grants from Greece regime and monetary benefits from the existing airport. The company further said that debt is not required in this project.
This deal has been deemed as a primary foray of the infrastructure company in the EU (European Union) and hence, the company aspires to expand its reach in the EU after this.