GMR Airports, a subsidiary of GMR Infrastructure, has achieved the Concession Commencement Date (CCD) for design, construction, financing, operation, and maintenance of a new international airport of Heraklion at Crete in Greece.

Prime Minister of Greece Kyriakos Mitsotakis laid the foundation stone of the airport, marking the commencement of the project.

GMR Airports (GAL), along with GEK TERNA, inked concession agreement in February 2019 for design, construction, financing, operation, maintenance and exploitation of the new international airport.

GMR is the first Indian airport operator to win bid to operate a European airport.

The concession period for the project is 35 years, including Phase-I construction of five years. The consortium intends to make an investment of more than EUR 500 million for development of the new airport.

The project is financed through support of government grant and will not require any debts. The entire project will be financed through a mix of equity, accruals from the existing airport, and financial grant being provided by the government of Greece.