GMR to undertake legal remedies for protecting Male venture

New Delhi: The government of India and the Islamic Republic of Afghanistan inked an memorandum of understanding (MoU) to facilitate training in the aviation sector.

Navi mumbai, India (prHWY.com) February 14, 2013 - Mumbai: After gaining the judicial support from the high court for its investment, GMR Infrastructure has decided to undertake all legal remedies to safeguard its Male contract. "All legal remedies to protect the US$511 million airport contract in the island nation will be undertaken," said CEO of GMR Male International Airport Andrew Harrison.

Moreover, the company has refrained from taking any compensation for its achieved bid. "It's not a question of compensation. We did not come here for compensation. We came here because we competed competitively in an international tender and we won that bid," adds Harrison.

The GMR CEO further emphasizing on the terms of termination, said that as a part of the 25-year concession agreement signed by a GMR-led consortium, Maldives Airports Company Ltd (MACL) and government of Maldives for running the Male airport, have not been followed by the local government.

Moreover, in case of termination or contract getting void, the Maldives government will ensure that investment of Axis Bank, the lenders of GMR for the project, would be protected and a notice of 60 days will be given.

However as per the recent issue, 60 days notice period has not been given (by the Maldives government) and Axis Bank has not been paid any of its outstanding money. Separate to that, the concession agreement also specifies a formula to be calculated in the event of termination and what is to be paid to us.

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