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GMR Infrastructure shares rallied nearly 4 percent in morning trade Wednesday as its subsidiary won a airport in Greece, a major International tourist destination.
"GMR Airports, a subsidiary of GMR Infrastructure, has been selected to develop, operate and manage the new international Airport of Heraklion at Crete in partnership with Greek infrastructure major TERNA S A (100 percent subsidiary of GEK TERNA Group)," the infrastructure company said in its filing.
GMR Airports will be the designated Airport Operator in the consortium for this project, it added.
The scope of the project involves design, construction, financing, operation, and maintenance & exploitation of the New Heraklion Crete International Airport.
The company said the concession period for the Greenfield project would be 35 years including Phase 1 construction of 5 years.
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," Sidharath Kapur, President, GMR Airports said.
At 09:28 hours IST, the stock price was quoting at Rs 16.60, up Rs 0.35, or 2.15 percent on the BSE.
Posted by Sunil Shankar Matkar
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