GMR signs concession agreement for airport in Greece

GMR Infrastructure’s subsidiary signed a concession agreement for the development of new Heraklion airport at Crete, Greece with its JV partner TERNA. 
  
The concession signed is between GMR Airport, which is a 100% subsidiary of GMR Infra, a Bengaluru-based infra conglomerate. Under the concession agreement, GMR Airport will work on design, construction, financing, operation, maintenance & exploitation of new airport. It is expected that the investment will be around 500 million euro for the project. Capital will be a mix of equity, accruals from the existing airport and financial grant from the Government of Greece. The concession period is 35 years including phase 1 construction of 5 years. 
  
GMR Infrastructure is a conglomerate with interest in airports, energy transportation and urban infrastructure. The company's airport portfolio includes Indira Gandhi International Airport, Delhi and Hyderabad’s Rajiv Gandhi International Airport. Recently, the GMR-Megawide consortium has won the Clark International Airport's EPC project, its second project in the Philippines. 
  
On Friday, the stock touched an intraday high of Rs. 16.60 per share. At 14:20 pm stock was trading at per share price of Rs. 16.40, up 1.86 per cent. The benchmark index BSE Sensex was at 35,908.74, up marginally by 10 points or 0.03 per cent.