Seeking new investment opportunities in Greece, a gateway to Europe for Indians: GMR Group

NEW DELHI: GMR Group, a conglomerate in the aviation sector which has started developing a greenfield airport at Crete in Greece in partnership with GEK TERNA, on Friday said that it was actively looking for new investment opportunities in Greece, which served 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 empowered 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.

Srinivas Bommidala, Business Chairman-Energy & International Airports of GMR Group, who was part of the business leaders luncheon hosted by the Greek Prime Minister, said, "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," Bommidala added.

Bommidala, thanked Prime Minister Modi's transformative global leadership, describing him as a figure who had 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 embarked on a transformative journey by embarking on a cutting-edge greenfield airport project in Crete. This visionary undertaking represented the sole Greenfield Airport project in progress in Europe.

With an estimated investment of Rs. 6,000 crores, the project aimed to revolutionize travel experiences. It was one of the few airport projects that was debt-free. Anticipated to commence operations by February 2027, the airport would enhance connectivity, generate employment opportunities, and stimulate economic growth. GMR's steadfast 40 percent 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 extended to Medan, Indonesia, and Cebu, Philippines, the company's expertise was also evident in the construction of a state-of-the-art airport on Crete Island, Greece.