|
|
GMR claims $803 mn from Maldives for terminating airport deal
|
|
|
|
| Top Stories |
 |
|
|
|
SME Times News Bureau | 22 Nov, 2014
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.
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
| Japanese
Yen |
58.85 |
56.85 |
| As on 13 Aug, 2022 |
|
|
| Daily Poll |
 |
 |
| PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
| Commented Stories |
|
|
|
|
|
|
| |
|
