your password has been reset successfully, Please login again.

GMR Infra’s Subsidiary Terna Group Signed An Agreement To Construct A New Airport

The infrastructure giant, GMR has signed the deal for constructing an international airport in Greece’s island, Crete.
BY BEx Bureau
BusinessEx
Feb 22, 2019

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.

Please add your Comment
SIMILAR News
August 22, 2019
The stakes were bought by several foreign portfolio investors as well as domestic mutual funds. ...More
By Jaspreet Kaur
August 22, 2019
Online gaming firm, Global eSports has amassed an undisclosed sum in a seed funding round from VC fi ...More
By Jaspreet Kaur
August 21, 2019
The company will employ funds for business expansion and to release a new product, Explorazor. This ...More
By Jaspreet Kaur
August 21, 2019
Software startup, Ally proclaimed to INR 57 crore in Series A funding round led by VC, Accel. ...More
By Jaspreet Kaur
August 20, 2019
MPOWER, which is backed by the PE firm, Zephyr Peacock, will utilise the funds to widen its reach to ...More
By Jaspreet Kaur
August 17, 2019
With Sistema Asia Capital’s investment, the aggregate equity funding of Lendingkart has surged to $1 ...More
By Jaspreet Kaur
August 17, 2019
Investors, who partook in the funding round, were Inventus Capital, Storm Ventures, Emergent Venture ...More
By Jaspreet Kaur
August 16, 2019
UK-based company sold 67.1 million stakes at INR 480.7 epiece, according to the stock-exchange data. ...More
By Jaspreet Kaur
August 14, 2019
Indian ride-hailing firm, Ola has proclaimed to buy Pikup.ai, an AI platform, which renders tech sol ...More
By Jaspreet Kaur
August 14, 2019
Indian online platform, Tjori has amassed INR 5 crore in pre-Series A round from a cohort of investm ...More
By Jaspreet Kaur
August 12, 2019
The automotive manufacturer’s products comprise telematic devices, instrument cluster, and other dat ...More
By Jaspreet Kaur
August 12, 2019
RadhaKishan Damani, who is an active promoter of supermarket company, Avenue Supermarket, has recent ...More
By Jaspreet Kaur