India-based GMR Airports and infrastructure firm Terna have been selected to develop, operate and manage the new Kastelli international airport of Heraklion at Crete Island in Greece.

Terna is a wholly-owned subsidiary of Greek company GEK Terna Group.

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Under the terms of the deal, GMR Airports will serve as the designated airport operator in the consortium for the project.

The company will operate the project for a concession period of 35 years, which includes the Phase I construction period of five years.

GMR Airports president Sidharath Kapur said: “Having been selected, we expect to complete necessary documentation and concession signing over the next few months.”

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"Having been selected, we expect to complete necessary documentation and concession signing over the next few months."

Once developed, the new Kastelli Airport will replace the existing Heraklion Airport that handles more than six million passengers each year and is currently facing capacity constraint.

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GMR Airports will be responsible for designing, building, financing, operating and maintaining the new airport.

GMR Airports business chairman Srinivas Bommidala said: “This new airport will definitely boost the tourism industry and aid the growth of international tourists that Greece has been witnessing over the past couple of years.

“The airport is in line with the asset lite strategy we have adopted for overseas expansion and will see GMR participate in project management and commercial management in addition to airport operations.”

The Crete airport development will be GMR Group’s second project in Europe after the company developed Istanbul’s Sabiha Gokcen airport.