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GMR Male International Airport to hand over the INIA to Maldives Airport Company

As per the orders of the Court of Appeals - Singapore, GMR Male International Airport Pvt. Ltd. (GMIAL), a Subsidiary of GMR Infrastructure Ltd will facilitate a smooth takeover of the Ibrahim Nassir International Airport (INIA) by the Maldives Airport Company Ltd (MACL), effective midnight tonight.

GMIAL has been assured that as a result of this takeover all its employees, suppliers and other interested parties will not be put to any inconvenience. GMIAL remains committed to finding a suitable solution to this situation. We are taking requisite steps to work out the compensation receivable from the Government of Maldives, keeping in mind the judgement of the aforementioned court and the concession agreement dated 28th June 2010.

All actions as above are without prejudice to our legal rights and statements made before various courts/tribunals where matters are currently being pursued or likely to be taken up.

The GMR Infrastructure Ltd stock was trading at Rs.19.25, up by Rs.0.05 or 0.26%. The stock hit an intraday high of Rs.19.60 and low of Rs.19.20.

The total traded quantity was 8.39 lakhs compared to 2 week average of 33.51 lakhs.

Source: Equity Bulls

Posted On: 2012-12-09 23:52:06

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