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GMR claims $803 mn from Maldives for terminating airport deal

Fri, Nov 21, 2014, 07:46 PM
Hyderabad, Nov 21 (IANS) GMR Male International Airport Private Limited (GMIAL), a subsidiary of India's infrastructure major GMR Infrastructure Limited (GMR), has claimed $803 million (Rs.4,987 crore) in damages from the Maldivian government for "wrongful repudiation" of the concession agreement for the Male airport.

GMR has made a plea to the Arbitral Tribunal in Singapore for award of further damages for loss of reputation caused to it as a consequence of termination of the agreement.

The company, in a filing with the BSE and NSE Friday, said it entered into a concession agreement with the Government of Maldives (GoM) and Maldives Airport Company Limited (MACL) for modernisation and operation of the Ibrahim Nasir International Airport (INIA) in 2010.

"The said concession agreement was wrongfully repudiated by GoM and MACL and on Nov 29, 2012, arbitration proceedings were initiated by GoM and MACL themselves seeking a declaration that the concession agreement was void ab initio," it said.

The company said the Arbitral Tribunal, by its award June 18 this year, ruled that the agreement was valid and binding and that GoM and MACL were jointly and severally liable in damages to GMIAL for loss caused by their wrongful repudiation of the concession agreement.

"Following the aforesaid award, GMIAL has submitted its claim for damages amounting to $803 million (Rs.4,987 crore).

"In addition, 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, the quantification of which is subject to expert evidence," it added.
Agency: IANS
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