GMR Airports Limited announced that it has achieved the "concession commencement date" - the date from which the concession agreement comes into effect - on Monday to build and operate airport in Crete island of Greece.

GMR Airports Limited along with its Greek partner GEK TERNA had signed the concession agreement in February last year for "design, construction, financing, operation, and maintenance and exploitation of the new international airport" of Heraklion city in Crete island.

The Concession Period for the project is 35 years including Phase 1 Construction of five years.

"The consortium intends to invest over Euro 500 million for development of the new airport," a statement from GMR Airports Limited said.

"The project is well-funded through support of government grant and would not require any debt. The entire project will be funded through a mix of equity, accruals from the existing airport, and financial grant being provided by the Government of Greece," it added.