GMR to pay Male government US$78 million by October

Male: India’s GMR Infrastructure should pay US$78 million (about Rf1 billion) upfront to the government by October to manage Male International Airport, Mahmood Raazee, Economic Development Minister, also Privatisation Committee Chair said Wednesday.
While the government leased the airport to the company on June 29, GMR will take over the airport’s operations in November.
“The concession agreement specifies matters that should be settled at different periods. According to the agreement, the US$78 million that should be paid upfront should be paid before the end of October. It can change by around four days,” he told Haveeru.
“They will take over the full operations of the airport in March 2011.”
International Finance Corporation (IFC) assisted the government in leasing the airport in exchange for one percent of the total investment as success fee. GRM will pay US$3.7 million to the corporation, as it agreed to invest around US$380 million to develop the airport.
01/09/10 haveeru online, Male

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Categories: airports Sep 2010, Foreign Sep 2010