Arbitral tribunal had ruled that Maldives Airport Company Ltd were liable in damages to GMIAL
GMR Male International Airport Pvt Ltd (GMIAL), a subsidiary of GMR Infrastructure, on Friday claimed $803 million in damages from Maldives for "wrongful repudiation of the concession agreement for modernisation and operation of Male airport"
Hyderabad: GMR Male International Airport Pvt Ltd (GMIAL), a subsidiary of GMR Infrastructure, on Friday claimed $803 million in damages from Maldives for “wrongful repudiation of the concession agreement for modernisation and operation of Male airport”.In its filing to stock exchanges, the infrastructure major said that the arbitral tribunal had ruled that government of Maldives and Maldives Airport Company Ltd (MACL) were liable in damages to GMIAL for the loss caused by their wrongful repudiation of the concession agreement.
“Following the award, GMIAL has submitted its claim for damages amounting to $803 million (Rs 4,987 crore),” the statement said.Apart from the damages for cancellation of the airport deal, the GMR’s Male subsidary filed a petition with the arbitral tribunal for the award of further damages for the loss of reputation caused to the GMR Group.
In November 2012, Maldives had cancelled a two-year-old agreement that it had with GMIAL for the modernisation and operation of Male-based Ibrahim Nasir International Airport.
( Source : dc correspondent )
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