Cancellation of GMR's USD 500 mn Maldives airport proj stayed

December 03, 2012 13:34

In a reprieve to Indian infrastructure major GMR, the Singapore High Court today stayed the Maldives Government's decision to terminate the USD 500 million contract awarded to a consortium led by it for modernising the Male international airport.

The move is likely to pave way for the GMR to continue operations at Ibrahim Nasir International Airport (INIA) in Maldives. "GMR Male International Airport Pvt Ltd (GMIAL) is pleased to advise that the High Court of Singapore has today granted injunctive relief against the applicability and operations of Letter dated November, 27 issued by the Ministry of Finance & Treasury (MoFT), Government of Male," GMR Infrastructure said in a statement.

As per the contract in the project, in case of differences between various parties, the law of either Singapore or UK would apply.

« Back to LIVE

TOP STORIES

Is Salman Planning To Move Out Of Mumbai?

'With his safety in the city being jeopardised, Bhai is looking at moving to his farmhouse in Panvel permanently.'

Arms, ammunition found in CBI raid in Bengal's Sandeshkhali

The CBI during its probe got inputs of a large cache of arms hidden in Sandeshkhali. On Friday morning, a CBI team started a search operation during which the arms, including foreign-made pistols, were seized, the officials said.

Kotak Mahindra Bank's loan, deposit growth may be impacted after RBI curbs

Kotak Mahindra Bank's loan and deposit growth are likely to be affected after the Reserve Bank of India (RBI) asked the private-sector lender not to take on board new customers through the bank's online and mobile banking channels and...

Resurgent Lucknow Super Giants face off against high-flying Rajasthan Royals

High-flying Rajasthan Royals will look to continue their winning momentum and consolidate their position at the top when they take on a resurgent Lucknow Super Giants, who would be gunning for revenge at home in an IPL match in Lucknow...

It's official: Sunita Kejriwal to campaign for AAP

Sunita Kejriwal is slowly emerging out of the shadows to assume a bigger role to give a fillip to the AAP's campaigning which has been affected by the chief minister's arrest in a money laundering case in March.