Millennium Post

GMR claims $803 mn for Male Airport contract termination

GMR Male' International Airport Private Limited (GMIAL), a subsidiary of GMR Infrastructure Limited (GMR), has claimed $803 million (around Rs 4,987 crore) from the Maldivian government for 'wrongfully' terminating the international airport contract in that country's capital.

According to filing with bourses, the Indian infra major said, in addition to that, a plea for award of further damages for loss of reputation caused to GMR as a consequence of wrongful repudiation of the Concession Agreement has also been made to the Arbitral Tribunal in Singapore.

'Following the aforesaid Award, GMIAL has submitted its claim for damages amounting to $803 million (Rs 4,987 crore)...The quantification of the damages is subject to expert evidence,' it said. GMR entered into a Concession Agreement with Government of Maldives and Maldives Airport Company Limited (MACL) for modernisation and operation of Ibrahim Nasir International Airport (INIA) in 2010.
Next Story
Share it