Singapore HC stays termination of GMR Male airport contract
Maldivian President Mohamed Waheed had said the contract was invalid and was signed under "dubious" conditions by the Nasheed regime.
GMIAL had won the bid to build and operate the INIA airport for 25 years, which was extendable by another 10 years, post a successfully run International competitive bidding conducted by IFC, an arm of the World Bank in a most transparent and open manner, the statement said.
The company's plan envisages developing a 0.6 million sq feet integrated world class passenger terminal and increasing the terminal capacity to handle 5.5 million passengers per annum.
It includes a 20,000 square feet VIP terminal, apart from landside development and improving existing terminal.
The airport is situated at the Maldivian Hulhule Island at the South western tip of India.
India, which had reacted sharply to the termination, had in a high-level meeting reviewed overall relationship with Maldives.
The Cabinet Committee on Security, chaired by Prime Minister Manmohan Singh, took into account the developments surrounding cancellation of the contract and its possible wider consequences.
India had termed the termination decision a "very negative signal" to foreign investors.
Our decision to terminate GMR contract is "non-reversible"
Male, (PTI): Unperturbed by the Singapore High Court stay on its termination of Male airport contract given to GMR, Maldives today made it clear that its decision was "non-reversible and non-negotiable" and said no such injunction can be issued against a sovereign state.
"The government's decision is very clear. It is non-reversible and non-negotiable.
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