Shares of GMR Infrastructure gained 2 percent intraday Friday after company signed concession agreement to develop a new international airport at Greece.
GMR Airports, a subsidiary of GMR Infrastructure along with Greek partner TERNA Group has signed the concession agreement to develop a new international airport of Heraklion at Crete, Greece.
The scope of the project involves design, construction, financing, operation, and maintenance & exploitation of new international airport.
The concession period for the project is 35 years including Phase 1 construction of 5 years.
The entire project will be funded through a mix of equity, accruals from the existing airport, and financial grant being provided by the Government of Greece; therefore debt is not required in this project.
At 09:56 hrs GMR Infrastructure was quoting at Rs 16.45, up Rs 0.35, or 2.17 percent on the BSE.
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