Male airport: GMR claims $803 million for terminationhttps://indianexpress.com/article/business/market/male-airport-gmr-claims-803-million-for-termination/

Male airport: GMR claims $803 million for termination

In 2010, GMR won a 25-year concession to operate and expand the Male airport with a $529-million bid.

GMR Infrastructure on Friday said it has submitted a claim for $803 million (Rs 4,987 crore) in the ongoing arbitration proceedings over the abrupt termination of the Maldives airport concession by the island nation in 2012.

The infrastructure company, through its subsidiary GMR Male International Airport Private (GMIAL), is also claiming further damages for loss of reputation caused to it, though it did not indicate any amount.

In June, an international arbitration tribunal had ruled in favour of the infrastructure developer with an order saying the concession was valid and that the Maldives government was liable to damages.

The ruling held that collection of an airport development charge (ADC) — the key issue of the dispute between the two parties — was lawful under Maldivian law.

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In 2010, GMR won a 25-year concession to operate and expand the Male airport with a $529-million bid.

But a new government, which came into office following a coup in 2012, opposed the collection of the ADC and a local court subsequently disallowed the charge.