BUSINESS

Greece signs concession for new Crete airport

TAGS: Privatizations, Travel

Greece on Thursday signed a concession allowing a Greek-Indian consortium to build a new airport on Crete, its biggest island.

Ariadne Airport Group, a joint venture between India’s GMR Airports and Greek contractor GEK Terna, was awarded the contract for the 850-million-euro ($962.71 million) Kasteli airport project last year. It needs clearance from Parliament and competition authorities before construction begins.

Since 2010, Greece has made several attempts to build the new airport at Kasteli to replace Heraklion airport, Greece’s second-largest in terms of traffic but which struggles to handle the 6.7 million passengers, mainly tourists, that pass through annually. [Reuters]

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