WebSify
Follow us on
Mail
Print

GMR Infra gets stay order on Maldives airport contract termination

Source : REUTERS
Last Updated: Mon, Dec 03, 2012 07:48 hrs
Labourers are silhouetted against the setting sun as they work at the construction site of a residential building in Hyderabad

India's GMR Infrastructure has obtained a stay order from a Singapore court on the Maldives government's decision to cancel its $511 million airport development contract, an executive of the Indian company said.

"We have obtained an injunctive stay on the operations of that (contract termination) letter," Arun Bhagat, group spokesman for GMR, told Reuters on Monday.

"So which, in effect means, we continue to operate (the airport) as normal business."

The Maldives government last week terminated GMR's contract to develop and operate an international airport at Male.

A spokesman for the President of Maldives said he has not received the court's order, when contacted by Reuters.

Shares in GMR were up 4.84 percent at 19.45 rupees by 0645 GMT when the Mumbai market was down 0.28 percent.




blog comments powered by Disqus
most popular on facebook
talking point on sify finance