GMR lodges US$803million claim, pleads for award of further damages for loss of reputation
21 Nov 2014, 1:06 PM
Zaheena Rasheed
Indian infrastructure giant GMR has claimed US$803 million in damages from the government of Maldives for its abrupt and wrongful termination of a concession agreement to develop Ibrahim Nasir International Airport (INIA).
The claim comes after a Singaporean arbitration court in June found the government of Maldives and state owned Maldives Airports Company Pvt Ltd (MACL) “jointly and severally liable in damages” to GMR for the termination of a “valid and binding” concession agreement.
In a letter to the Bombay Stock Exchange, GMR’s subsidiary GMR Malé International Airport Private Limited (GMIAL) said it had “submitted its claim for damages amounting to US$803 million.”
“In addition, a plea for award of further damages for loss of reputation caused to GMR as a consequence of wrongful repudiation of the concession agreement has also been made to the Arbitral Tribunal, the quantification of which is subject to expert evidence.”
Become a member
Get full access to our archive and personalise your experience.
Already a member?
Discussion
No comments yet. Be the first to share your thoughts!
No comments yet. Be the first to join the conversation!
Join the Conversation
Sign in to share your thoughts under an alias and take part in the discussion. Independent journalism thrives on open, respectful debate — your voice matters.