New Delhi, September 1, 2023: GMR Group, a conglomerate in the aviation sector that is already developing a greenfield airport at Crete in Greece in partnership with GEK TERNA, today said that it was actively looking for new investment opportunities in Greece, which serves as a gateway to Europe for Indians.
Prime Minister Narendra Modi recently visited the Hellenic nation, the first by an Indian Prime Minister in 40 years empowering the ties between the two countries. During the visit, both Prime Minister Modi and the Greek Prime Minister Kyriakos Mitsotakis elevated the bilateral relationship to a "Strategic Partnership," committing to enhance cooperation in political, security, and economic domains while fostering stronger people-to-people ties.
Mr. Srinivas Bommidala, Business Chairman-Energy & International Airports of GMR Group, who was part of the business leaders luncheon hosted by the Greek Prime Minister, stated, "Under the visionary leadership of Prime Minister Kyriakos Mitsotakis, Greece has demonstrated a remarkable commitment to foreign investors like us from India. His exemplary proactive approach and steadfast dedication to promoting foreign investments are truly impactful. GMR is passionately exploring investment opportunities in the country, notably at Kalamata Airport."
"Progress at the Heraklion airport in Crete has been commendable. Construction has advanced to about 25 percent, aligning with the project's timeline. Ongoing efforts include terminal building concreting, external access road development, runway, and taxiway construction," Mr Bommidala added.
Mr Bommidala, thanked Hon’ble Prime Minister Modi's transformative global leadership, describing him as a figure who has elevated India's influence on the global stage. He said, "The ambition to double bilateral trade by 2030 set by India and Greece is commendable. Improved connectivity between India and Greece will undoubtedly drive mutual GDP growth and a myriad of business opportunities. Our discussions ranged beyond airports, exploring other potential collaboration areas. The presence of a group of reputed business leaders from both sides signifies genuine interest in forging new business relationships. I am confident that this will propel India and Greece to new heights. For Indians, Greece serves as a natural gateway to Europe."
The Heraklion International Airport (HER) in Crete, a vital gateway to the island, stands as Greece's second busiest after Athens Airport. In collaboration with GEK Terna, GMR embarks on a transformative journey by embarking on a cutting-edge greenfield airport project in Crete. This visionary undertaking represents the sole Greenfield Airport project in progress in Europe. With an estimated investment of Rs. 6,000 crores, the project aims to revolutionize travel experiences. It is one of the few airport projects that is debt-free. Anticipated to commence operations by February 2027, the airport will enhance connectivity, generate employment opportunities, and stimulate economic growth. GMR's steadfast 40% investment in private project funding underscores its unwavering dedication to progress.
GMR Airports Infrastructure Limited, a pioneering force in global airport operations, currently manages six airports across India and international fronts. With a footprint extending to Medan, Indonesia, and Cebu, Philippines, the company's expertise is also evident in the construction of a state-of-the-art airport on Crete Island, Greece.
About GMR Group
GMR Group is a leading global infrastructure conglomerate with unparalleled expertise in designing, building, and operating airports. It also has a significant presence in sectors like Energy, Transportation, and Urban Infrastructure
GMR Airports is the largest private airport operator in Asia and 2nd largest in the world with a passenger handling capacity of over 189 million annually. GMR Airports Limited, a subsidiary of GMR Airports Infrastructure Limited [formerly known as GMR Infrastructure Limited] (GIL) has Groupe ADP as its strategic partner, which is holding a 49 percent stake. GMR Airports operates the iconic Delhi Airport, which is the largest and fastest-growing airport in India. It also runs Hyderabad Airport, a pioneering greenfield airport known for several technological innovations. The company also operates New Goa Airport which is India’s first destination Airport. The airport offers everything a tourist looks for i.e. liveliness in the serene lap of nature, making it a perfect destination for leisure and holistic tourism.
Expanding its overseas footprint, the company is developing and operating Kualanamu International Airport in Medan, Indonesia, in collaboration with Angkasa Pura II (AP II). GMR Airports is also providing technical services to the architecturally renowned and the second busiest airport in the Philippines, Mactan Cebu International Airport in Cebu.
The Group is currently developing two major greenfield airport projects in India and Greece. Bhogapuram Airport in India is poised to transform the economy and landscape of the surrounding areas when ready. Crete Airport in Greece will similarly play a significant role in the local economy of the region.
GMR Aero Technic (GAT) is India’s largest integrated world-class third-party MRO; a part of GMR Hyderabad International Airport Limited (GHIAL). GAT provides complete technical support to aircraft operators, with utmost quality and reliability to ensure that its customers meet their operational requirements. GAT has been constantly upgrading its capabilities and expanding its service offerings to meet the growing maintenance needs of airline operators within and outside India, with a vision to be a lead MRO in the Asia Pacific region.
As a pioneer in implementing the path-breaking Aerotropolis concept in India, GMR Airports is developing unique airport cities on commercial lands available around its airports in Delhi, Hyderabad, and Goa. GMR Delhi Aerocity is a landmark business, leisure, and experiential district. Similarly, GMR Hyderabad Aerocity is coming up as a new-age smart business hub.
GMR’s energy businesses have an installed capacity of over 3,000 MW capacity. With a significant focus on green energy, the company is working towards creating a more sustainable environment by harnessing the power of wind, water, and sun for energy generation. It has a balanced mix in its energy generation portfolio. Around 1,000 MW of clean energy projects of GMR are under various stages of development in India and Nepal
The Transportation and Urban Infrastructure division focuses on surface transport projects including Roads, Railways, and Airstrips/ Runways in both DBFOT (under GMR Highways) and EPC (under GIL – EPC) segments. The Group has four operating highway assets spanning over 1,824 lane kilometers.
The Group’s EPC business is working on the design and construction of the prestigious Eastern Dedicated Freight Corridor project of DFCCI (Dedicated Freight Corridor Corporation of India). GMR Group is also developing multi-focus Special Investment Regions in India.
GMR Group’s underlying philosophy is to work closely with and support the local communities wherever it is present. Towards this, GMR Varalakshmi Foundation (GMRVF), the CSR arm of the Group, focuses on improving the quality of life of people by enhancing skills, providing education, and developing healthcare infrastructure and services.
For further information about GMR Group, visit http://www.gmrgroup.in
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