Malé junks GMR deal, India reacts sharply

Nov 28 2012, 08:44 IST
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SummaryMaldives govt has cancelled GMR’s $ 500-mn contract to operate international airport in Male.

Within hours of the Maldives government cancelling GMR’s $ 500-million contract to operate the international airport in Male, India said the decision would send “a very negative signal” to foreign investors, and asked Maldives to ensure the safety and security of Indian interests and Indian nationals in that country.

New Delhi stressed that the contract “represents the single largest FDI in the history of Maldives”, and the decision to terminate it “without due consultation with the company or efforts at arbitration provided for under the agreement sends a very negative signal to foreign investors and the international community”.

MEA spokesperson Syed Akbaruddin said the Indian government “would continue to remain engaged with the government of Maldives on this issue”, and would expect it to “fulfill all legal processes and requirements in accordance with the relevant contracts and agreement...”

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