Greece awards 850 mln euro Crete airport to Terna, GMR

Greece's Transport and Infrastucture Ministry has awarded the construction of a new international airport on the island of Crete at Kasteli to a joint venture consisting of Greek construction company GEK Terna and India's GMR Infrastructure in an 850 million euro deal, it said Tuesday.

After delays of some 17 years, the deal will involve the building and management of the airport, replacing the current one at Heraklion that draws some 6 million tourists every year.

"On Crete, a project catalyst will be completed for the national economy, of which the state will also acquire a significant asset," said Transport Minister Christos Spirtzis.

Greece will take a 46% stake in the new airport that is expected to be completed in five years.