The concession period for the project is 35 years, including a five-year construction phase.
Crete is the largest and the most visited island in Greece; Heraklion Airport is the second-largest in Greece and has witnessed steady traffic growth in the last few years. The new Kastelli Airport will replace Heraklion Airport, which is handling over six million passengers annually and is facing capacity constraint.
GMR Airports president Sidharath Kapur said: “This will be GMR Group’s second foray into Europe after having developed Istanbul’s Sabiha Gokcen Airport. Having been selected, we expect to complete necessary documentation and concession signing over the next few months.”