The strategic alliance between Indian infrastructure giant GMR Group and Greece's GEK TERNA has entered a new phase with the establishment of GMR Airports Greece Single Member S.A..
The newly formed company will be exclusively responsible for managing all non-aviation activities at the under-construction Heraklion International Airport in Kasteli, Crete.
Founded yesterday with a share capital of €1 million, GMR Airports Greece S.A. is 60% owned by GMR Group and 40% by GEK TERNA Kasteli S.A. The move aligns with the provisions of the airport concession agreement, ratified by Greek Law 4612/2019.
Although it will not be involved in core aviation operations, the company will play a pivotal role in overseeing the airport's commercial and investment activities. This includes retail stores, food and beverage services, parking facilities, entertainment areas, and real estate development within the airport premises.
GMR Airports Greece will be actively involved from the design and construction phase of the project, working closely with the concessionaire — Heraklion International Airport of Crete S.A. — to shape the airport's commercial strategy and operational framework for future management.
The incorporation documents were signed by Petros Souretis, on behalf of GEK TERNA Kasteli S.A., and Alexandros Loupasis, representing GMR Group, following authorization from both companies' boards.
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