New Delhi: In what could spell more trouble for the Bangalore-headquartered GMR Group, the Maldives Government has said that its decision to cancel the Male airport modernisation was “non-reversible and non-negotiable”.
Earlier in the day, in a major relief to the Bangalore-headquartered GMR Group, a Singapore court stayed the Maldives Government's decision to terminate the contract awarded in 2010 to the GMR-led consortium for modernising the Male international airport.
In a statement, the GMR group said that the Singapore Court has said that Ministry of Finance & Treasury, Maldives, and Maldives Airport Corporation Ltd, either directly or indirectly, are not allowed to interfere with the rights of the investor (GMR-MAHB consortium) under the concession agreement.
With this, GMR Maldives International Airport Ltd shall continue to operate the Ibrahim Nasir International Airport as usual as per the provisions of the Concession Agreement.
03/12/12 Business Line
