GMR CONTRACT IN MALDIVES.
GMR is a infra-structure company which bagged the contract for the modernization of the Ibrahim Nasser International airport at Male
. The contract was for 25 years and the agreement was signed on 28.6.10. Differences on the levy of airport development charges led to the revocation of the agreement. The GMR group was prevented from carrying out the work of modernization of the airport.
The GMR group went for arbitration proceedings in Singapore and the High court of Singapore stayed the action of the Maldives Govt. Despite the court directions, the Maldives Govt. is running the airport. The Govt. of India has viewed the situation seriously as it would have a bearing on Indian investments. It has decided to tread cautiously as there is the racial element.
The Govt. of India is assisting Maldives in executing several projects and is paying salaries to the Maldives civil service. It is also helping in the modernization of the armed forces and purchase of sophisticated equipment for defence purposes..
QUESTIONS.
- What is the capital of Maldives?
- What is the value of the contract signed by GMR?
- Which are the areas of operation of the GMR group?
- Which airports are managed by GMR group in India and abroad?
- Where is the GMR group based?
- How does this affect Indian interests?