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GMR and Terna JV sign agreement to build Kasteli Airport

February 26, 2019 / Airport Technology

Ariadne Airport Group, a joint venture (JV) between Greek firm GEK Terna and India-based GMR Airports, and Greek Transport Minister Christos Spirtzis have signed a concession contract to build Kasteli International Airport.The contract will see the Greek-Indian consortium construct the new airport on the Greek island of Crete with an investment of approximately €850m.Of the €850m investment, the consortium will invest more than €500m in the project, which is also financially supported by a state grant and equity.Under the 35-year concession, the consortium will be responsible for the design, construction, financing, operation, and management of the new international airport.