Tata housing deal renewed to avoid US$250m payout
An out-of-court settlement was reached after Tata Housing filed for arbitration.
01 Oct 2018, 9:00 AM
The Maldives government has decided to renew a cancelled agreement with Indian giant Tata to build luxury flats in the capital Malé.
The government was “forced” to accept a deal to avoid a US$250 million payout, Ahmed Nihan, the ruling party’s parliamentary group leader, revealed at a press briefing Sunday.
“Where can we go when it was written in the agreement that the arbitration court is the Bombay High Court?” he told reporters.
It was “100 percent certain” that the arbitration outcome would have been unfair to the Maldives, the lawmaker said.
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