DELHI- GMR Group, a conglomerate with a significant presence in the aviation sector, is currently developing a greenfield airport project in Crete, Greece, in collaboration with GEK TERNA.
They have expressed their active interest in exploring new investment opportunities in Greece, considering it a vital gateway to Europe for Indian businesses.
GMR to Develop Greece Airport
Recently, Prime Minister Narendra Modi made a historic visit to Greece, marking the first visit by an Indian Prime Minister in 40 years. This visit has strengthened the ties between India and Greece significantly.
During this visit, Prime Minister Modi and his Greek counterpart, Kyriakos Mitsotakis, elevated the bilateral relationship to the level of a “Strategic Partnership.”
This move reflects their shared commitment to enhancing collaboration across political, security, and economic domains while also fostering stronger connections between the people of both nations.
Executive Insights
Mr. Srinivas Bommidala, Business Chairman for Energy & International Airports at GMR Group, participated in a luncheon for business leaders hosted by the Greek Prime Minister.
He praised the visionary leadership of Prime Minister Kyriakos Mitsotakis and Greece’s strong commitment to foreign investors from India.
He highlighted the Greek government’s proactive approach and unwavering dedication to promoting foreign investments, emphasizing GMR Group’s keen interest in exploring investment opportunities in Greece, particularly at Kalamata Airport.
Mr. Bommidala also commended the progress at Heraklion Airport in Crete, noting that construction has reached approximately 25% completion, aligning with the project’s timeline.
This progress encompasses various aspects, such as the construction of the terminal building, the development of external access roads, and work on the runway and taxiway.
He expressed gratitude to Prime Minister Narendra Modi for his transformative global leadership, highlighting how the Prime Minister has elevated India’s influence on the global stage.
Mr. Bommidala commended the ambitious goal set by both India and Greece to double bilateral trade by 2030, emphasizing that improved connectivity between the two countries will drive mutual GDP growth and create numerous business opportunities.
Discussions during the luncheon extended beyond airport projects, exploring potential collaborations in other areas.
Mr. Bommidala underscored the significance of gathering esteemed business leaders from India and Greece, indicating genuine interest in forging new business relationships.
He expressed confidence that this collaboration will propel both India and Greece to new heights and emphasized Greece’s role as a natural gateway to Europe for Indian businesses.
Crete Airport
Heraklion International Airport (HER) in Crete, a crucial island entry point, ranks as Greece’s second busiest airport after Athens. In partnership with GEK Terna, GMR Group has embarked on an ambitious endeavor by initiating a cutting-edge greenfield airport project in Crete.
This visionary project stands as the sole ongoing Greenfield Airport project in Europe, representing a remarkable investment of approximately Rs. 6,000 crores. The project is poised to revolutionize the travel experience and is one of the few debt-free airport projects.
Anticipated to commence operations by February 2027, this airport will significantly enhance connectivity, create employment opportunities, and drive economic growth. GMR Group’s unwavering commitment is evident through its substantial 40% private project funding investment.
GMR Airports Infrastructure Limited, a trailblazer in global airport operations, currently manages six airports in India and on the international stage.
With a presence extending to Medan, Indonesia, and Cebu, Philippines, the company’s expertise is prominently displayed in the construction of a state-of-the-art airport on Crete Island, Greece.
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