Singapore: In a reprieve to infrastructure major GMR, the Singapore High Court today stayed the Maldives Government's decision to terminate the $500 million contract awarded to a consortium led by it for modernising the Male international airport.
The move is likely to pave way for the GMR to continue operations at Ibrahim Nasir International Airport (INIA) in Maldives.
"GMR Male' International Airport Pvt Ltd (GMIAL) is pleased to advise that the High Court of Singapore has today granted injunctive relief against the applicability and operations of Letter dated November, 27 issued by the Ministry of Finance & Treasury (MoFT), Government of Male," GMR Infrastructure said in a statement here.
As per the contract in the project, in case of differences between various parties, the law of either Singapore or UK would apply.
03/12/12 PTI/Economic Times
