Limak Holding
Turkish privately held conglomerate active in construction, energy, cement, tourism, aviation infrastructure, ports, food, and related services.
Last updated August 22, 2026
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Overview
Limak Holding A.Ş. is a Turkish diversified conglomerate established in 1976 by Sezai Bacaksız and Nihat Özdemir. The group developed from a construction-centered enterprise into a broad business organization with major interests in construction, cement, energy, tourism, airport infrastructure, port operations, food, and related industrial activities. Its development reflects the expansion of Turkish private-sector groups into large infrastructure concessions, public-private projects, industrial production, and tourism assets. The founders have historically been associated with different parts of the group’s expansion. Nihat Özdemir was particularly linked with cement and energy activities, while Sezai Bacaksız was associated with airport and tourism operations. Limak’s construction business became involved in major transport and infrastructure projects in Turkey, including the consortium that won the contract to build Istanbul’s third international airport in 2013. The airport project, later known as Istanbul Airport, was awarded through a tender reported at approximately EUR22 billion and became one of the most prominent infrastructure undertakings connected with the group. Airport operations and concessions have also been important to Limak’s profile. In 2007, Limak participated in a consortium that won a 20-year operating concession for Sabiha Gökçen International Airport in Istanbul. In the same year, Limak and French airport operator Aéroport de Lyon won the concession tender for Pristina International Airport Adem Jashari in Kosovo. These activities extended the group beyond construction into the operation and management of transport infrastructure. The group’s industrial interests include Limak Cement and Limak Energy. Through IC İçtaş Energy, a joint venture involving Limak and IC Holding, the group has held interests in the Yeniköy and Kemerköy coal-fired power stations in Turkey. Limak has also been associated with hydroelectric and other energy projects. Its energy portfolio has consequently connected the group both with Turkey’s electricity infrastructure and with public debate about coal generation, emissions, and the pace of energy transition. Limak’s tourism activities are organized through the Limak Tourism Group, which has operated hotels and tourism-related businesses. The group has also pursued media and food-related activities. In 2013, a Limak-related joint venture acquired the daily newspaper Akşam together with the television channel Sky Turk 360 and radio station Alem FM for TL60 million, according to the cited reference material. The media assets formed part of the group’s broader diversification, although media has not been the defining center of its identity. Limak remains privately held and is generally identified with large-scale infrastructure, engineering, construction, industrial production, energy, and tourism rather than with a single consumer-facing product brand. Its activities have generated both commercial prominence and public scrutiny. In 2013, Nihat Özdemir was among individuals reported to have been subject to arrest orders in a corruption investigation concerning construction companies involved in major government infrastructure projects. Separately, environmental organizations and emissions researchers have criticized or monitored the group’s coal-power exposure. These matters are part of the public record surrounding the conglomerate, but they do not by themselves establish criminal liability or a final legal finding against Limak Holding. The group also undertakes social and community-oriented initiatives, including a 2021 project providing food and water for stray animals affected by winter conditions.
History
Limak Holding was founded in Turkey in 1976 by Sezai Bacaksız and Nihat Özdemir. The company began as a privately owned business and later expanded into a diversified group. The founders’ areas of emphasis helped shape the organization’s later portfolio: Özdemir was associated particularly with cement and energy, while Bacaksız was associated with airports and tourism. Rather than remaining a single-sector contractor, Limak developed businesses spanning construction, industrial production, power generation, transport infrastructure, hospitality, and other activities. Construction became the group’s most visible platform. Limak participated in major Turkish infrastructure tenders and became associated with projects requiring substantial engineering, financing, and operating capacity. Its expansion into airport infrastructure began to receive international attention in 2007. That year, a consortium involving Limak won a 20-year concession to operate Sabiha Gökçen International Airport in Istanbul. Limak also joined French company Aéroport de Lyon in winning the concession tender for Pristina International Airport Adem Jashari in Kosovo. These awards were significant because they extended Limak’s role from building infrastructure to operating airports and managing long-term concessions. The group’s airport and construction profile expanded further in 2013, when Limak was part of the joint venture that won the contract to construct Istanbul’s third international airport. The reported contract value was EUR22 billion. The project later became Istanbul Airport, one of the largest and most consequential transport developments in Turkey. The award strengthened Limak’s association with state-linked infrastructure development and large public works, while also exposing the group and its leadership to increased public and political scrutiny. During the same period, Limak diversified into media. In 2013, a joint venture connected with the group acquired the newspaper Akşam, Sky Turk 360 television channel, and Alem FM radio station for a reported TL60 million. The transaction illustrated the group’s willingness to extend beyond engineering, construction, and industrial sectors, although its primary identity continued to rest on infrastructure and operating businesses. Energy and cement became central industrial pillars. Limak Cement is one of the group’s named operating businesses, while Limak Energy has been connected with electricity generation and energy infrastructure, including hydroelectric assets. Through IC İçtaş Energy, a venture involving Limak and IC Holding, the group has held interests in the Yeniköy and Kemerköy coal-fired power stations. The power assets have placed Limak within debates about Turkey’s electricity mix and the environmental consequences of coal generation. Climate researchers and environmental organizations have highlighted the stations’ emissions and included them in discussions about coal phase-out exposure. Tourism has remained another major area through the Limak Tourism Group, which has operated hotel and tourism-related assets. Across these businesses, Limak’s model has combined project delivery, ownership or participation in long-lived infrastructure, industrial production, and service operations. The group is privately held and does not have a publicly traded ticker identified in the supplied reference material. Limak’s public profile has also included controversy. In 2013, Nihat Özdemir was reported among 41 suspects subject to arrest orders in a second corruption investigation. The investigation was described as involving construction companies connected with major government infrastructure projects, including firms associated with the Istanbul airport tender. The available reference does not establish a final conviction or adjudication against Limak Holding and should therefore be treated as reporting about an investigation rather than proof of wrongdoing. The group has also publicized social initiatives. In 2021, it started a project providing food and water for stray animals that had difficulty finding nourishment during winter. Limak consequently presents itself as a broad Turkish business group combining infrastructure, energy, cement, tourism, and community activity, while its scale and participation in major concessions continue to attract commercial, political, and environmental attention.
- 2022
Coal assets receive emissions scrutiny
[1]Emissions estimates and environmental campaigners’ coal-exit assessments draw attention to the Yeniköy and Kemerköy stations associated with IC İçtaş Energy.
- 2021
Stray-animal winter assistance project
[1]Limak begins the “Our Love, Our Energy is with You” initiative to provide food and water to stray animals during winter.
- 2013
Istanbul third airport construction award
[1]Limak participates in the consortium awarded the reported EUR22 billion contract to construct Istanbul’s third international airport.
- 2013
Media acquisition
[1]A Limak-related joint venture acquires Akşam, Sky Turk 360, and Alem FM for a reported TL60 million.
- 2011
Founders appear on Forbes billionaire list
[1]Reference material identifies Nihat Özdemir and Sezai Bacaksız as having been listed by Forbes as billionaires in 2011.
- 2007
Sabiha Gökçen airport concession
[1]A consortium involving Limak wins a 20-year concession to operate Sabiha Gökçen International Airport in Istanbul.
- 2007
Pristina airport concession
[1]Limak and Aéroport de Lyon win the concession tender for Pristina International Airport Adem Jashari.
- 1976
Limak is established
[1]Sezai Bacaksız and Nihat Özdemir launch the business that develops into Limak Holding.
Products and positioning
A privately held Turkish conglomerate positioned around large infrastructure projects, construction capability, industrial assets, energy generation, airport operations, and tourism.
Construction and infrastructure
Limak Construction
The group’s construction activities cover major infrastructure and engineering projects. Limak has been associated with large transport developments, including the consortium that won the contract for Istanbul’s third international airport. Construction is a core part of the group’s identity and provides a platform for participation in complex, capital-intensive public and private projects.
Cement and building materials
Limak Cement
Limak Cement is the group’s cement and building-materials business. Cement production complements the conglomerate’s construction activities and connects Limak with Turkey’s infrastructure, building, and industrial-development markets. The supplied reference identifies Limak Cement as one of the group’s principal assets but does not provide a complete plant, capacity, or product breakdown.
Energy
Limak Energy
Limak Energy represents the group’s interests in energy production and infrastructure. Its wider energy activities have included hydroelectric projects and participation in thermal generation through IC İçtaş Energy. The available material does not provide a full current list of generating assets or a detailed breakdown of the business’s generation mix.
Tourism and hospitality
Limak Tourism Group
The Limak Tourism Group operates the conglomerate’s tourism and hospitality interests. This area developed alongside the founders’ airport and infrastructure activities and has included hotel and tourism services. The supplied sources identify the group as a major business line but do not enumerate all current properties.
Airport infrastructure · 2007
Airport operations and concessions
Limak has participated in airport concessions and airport-development projects in Turkey and Kosovo. Notable historical positions include the Sabiha Gökçen International Airport operating concession, the Pristina International Airport Adem Jashari concession, and participation in the consortium selected to construct Istanbul’s third airport.
Electricity generation
IC İçtaş Energy coal power interests
Through IC İçtaş Energy, a venture involving Limak and IC Holding, the group has held interests in the Yeniköy and Kemerköy coal-fired power stations. These assets are commercially significant electricity-generation holdings but have also been subject to emissions monitoring and criticism from environmental organizations.
Controversies
2022
Environmental scrutiny of coal-generation interests
The Yeniköy and Kemerköy coal-fired power stations associated with IC İçtaş Energy have been highlighted by emissions researchers and environmental organizations. Climate TRACE estimated more than five million tonnes of emissions from the stations in 2022, and Urgewald included them on its Global Coal Exit List.
2013
Limak leadership named in corruption investigation reporting
Nihat Özdemir was reported among 41 suspects for whom arrest orders were issued in a second corruption investigation. Media accounts linked the inquiry to construction companies involved in prominent government infrastructure projects, including the Istanbul airport consortium. The supplied source does not establish a final conviction or final legal determination against Limak Holding.
Marketing campaigns
- 2021Our Love, Our Energy is with You
Turkey
Limak started a winter assistance initiative supplying food and water to stray animals that had difficulty finding nourishment in cold weather.
Outcome. The supplied reference confirms the provision of food and water but does not provide participation numbers, spending, or a measured long-term outcome.
Brand decisions
2021
Launch winter animal-support initiativeStrategyBackground
Cold weather made it harder for stray animals to find food and water.
Action taken
Limak initiated a project providing food and water to stray animals.
Aftermath
The initiative became a documented community and social-responsibility activity; the supplied source gives no quantified outcome.
2013
Pursue Istanbul’s third airport projectOtherBackground
Turkey was tendering a major new international airport project intended to expand Istanbul’s air-transport capacity.
Action taken
Limak joined the consortium that won the contract to construct the third international airport in Istanbul.
Aftermath
The project became Istanbul Airport and made Limak one of the most visible private-sector participants in Turkey’s large infrastructure program.
Reported contract value. EUR22 billion (2013 award)
2013
Diversify into media assetsM&ABackground
Limak was broadening its portfolio beyond construction, cement, energy, airports, and tourism.
Action taken
A Limak-related joint venture acquired Akşam, Sky Turk 360, and Alem FM.
Aftermath
The transaction added newspaper, television, and radio assets to the group’s diversified portfolio.
Reported acquisition price. TL60 million (2013)
2007
Enter long-term airport operating concessionsM&ABackground
Limak was expanding from construction and industrial activities into infrastructure operation and tourism-related assets.
Action taken
The group participated in a consortium that won the Sabiha Gökçen International Airport operating concession and joined Aéroport de Lyon in winning the Pristina airport concession tender.
Aftermath
The awards established airport operations and concessions as an important part of Limak’s infrastructure profile.
Sources2 sources
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