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Indian firm leads €480m bid for Greek airport

New Delhi-based GMR Infrastructure, joined by GEK Terna, aims to replace Crete’s largest airport and Greece's second-busiest.

A €480 million bid to build a major airport on the Greek island of Crete has been submitted by a subsidiary of GMR Infrastructure along with GEK Terna Group.

The bid for the construction and operation of the Kastelli airport project in Heraklion, Crete's largest city, was just over half the expected €850 million. The group is the sole bidder for the concession, according to GMR. Its technical bid was approved on 5 April and a final decision is expected in early May.

The airport is expected to replace Heraklion's Nikos Kazantzakis Airport, the country's second-busiest. The winning company will be tasked with the design, construction, financing, operation and maintenance of the airport over a 35-year concession.

Headquartered in New Delhi, GMR is currently operating or developing three airports in India – including Indira Gandhi International, the country's busiest – as well as one in the Philippines. GEK Terna, headquartered in Athens, holds assets including several Greek motorways and parking stations.