India’s GMR Group looks to boost investment in Greece

NEW DELHI | Updated: 01 September, 2023 7:43 pm IST

Narendra Modi with GMR Group's Srinivas Bommidala at the Greek luncheon

NEW DELHI: Following Prime Minister Narendra Modi’s visit to Greece to evolve the bilateral relations to a strategic relationship, the Indian multinational GMR group has announced that it is seeking new expansion opportunities in the country.

The GMR group had initially teamed up with Greek conglomerate GEK Terna to build a greenfield airport in the fabled city of Crete, adding that they wanted to expand financially in the country since it “serves as a gateway to Europe” for Indians. Business Chairman of Energy and International Airports, Srinivas Bommidala, who was part of the luncheon with the Greek Prime Minister Kyriakos Mitsotakis and Modi, said that GMR is exploring financial opportunities, most specifically at Kalamata Airport.

Bommidala 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.”

Expressing his delight with the progress of the Crete airport, the business chairman, said, “Progress at the Heraklion airport in Crete has been commendable. Construction has advanced to about 25 per cent, aligning with the project’s timeline. Ongoing efforts include a terminal building concreting, external access road development, runway, and taxiway construction.”

Bommidala praised the Modi government for having elevated India’s influence in the global stage. “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,” he said.

The Heraklion International Airport in Crete is the second busiest in Greece, after Athens Airport. According to the MNC, the project aims to “revolutionize travel experiences” at an estimated budget of ₹6000 crore.

The Crete airport is supposed to initiate its services from February 2027.