Monday, August 6, 2012

NEW GMR's Maldives airport project flies into rough weather

Indian corporate giant GMR's $500 million Male airport project has run into rough weather, as Maldives government has temporary halted work on a new terminal building and the company has moved an arbitration court in Singapore over development charges.

GMR had won the airport contract when government headed by former President Mohamed Nasheed was in place, but the project, the largest single investment in the history of Maldives, began facing problems soon after a regime change in the country earlier this year.
The new government, headed by President Mohamed Waheed, has asked GMR to temporarily halt the development of a new terminal at Ibrahim Nasir International Airport (INIA).
Construction for the new terminal was part of the airport modernisation package. It started in December last year and is scheduled to open in 2014.

SOURCE:http://www.business-standard.com/india/news/gmrs-maldives-airport-project-flies-into-rough-weather/181557/on
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