GMR Infrastructure has won the arbitration proceedings, which it had initiated against the Government of Maldives (GoM), after the earlier Government in Maldives unilaterally cancelled the $500 million contract given to GMR to upgrade and maintain the Male International Airport during late 2012. The Rt Hon Lord Hoffman’s Tribunal in Singapore maintained the concession agreement was valid and binding and was not void for any mistake of law or discharged by frustration.
The Maldives Government along with the Aiport company in Maldives are jointly and severally liable in damages to the company for loss caused by wrongful repudiation of the agreement as per the concession agreement. The company is pressing with damages worth as much as $1.4 billion for the same.
GMR Infrastructure is a Bangalore headquartered global infrastructure major with interests in Airports, Energy, Highways and Urban Infrastructure sectors. It has successfully employed the public-private partnership model to build a portfolio of high quality assets.
Company Name | CMP |
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Dreamfolks Services | 512.85 |
GMR Airports Infra. | 80.66 |
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