GMR seeks over $800 mn as compensation, Maldives insists on forensic audit

"We will present our case before the Singapore Court and let them take the call," a source said.

The USD 500 million airport project contract awarded to GMR for modernising and operating the Ibrahim Nasir International Airport (INIA), signed in 2010 during the

previous regime of Mohamed Nasheed, was "unilaterally" terminated by the current government on November 27.

The airport was taken over by the Maldives Airports Company Limited after a high-voltage legal tussle in which GMR had initially got a stay order on the termination from the Singapore High Court.

However, the Singapore Supreme Court ruled on November 6, a day before the notice period expired, that Maldives has the power to take over the airport on November 6.

Replying to a query if GMR is not welcome in Maldives anymore, Masood said, "We don't have anything against GMR. We had objection to the contract that was signed under dubious conditions. We will in the future initiate a lot of infrastructure projects and GMR is welcome to bid for it."

However, sources in the know said that the "unlawful" termination of the contract sends a "negative signal" to foreign investors, a stand taken by Indian government too.

"It now feels that any contract signed with a particular regime can be scrapped when a new government comes in. It is a risky proposition," a source said.

Asked if Maldives will seek fresh bids for the modernisation and the operations of the airport, Imad said the cabinet has given

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