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Maldives action against GMR unilateral: ASSOCHAM

New Delhi, Nov 30: Industry body ASSOCHAM today termed as "unilateral" the Maldives government's decision to scrap the $500 million contract given to GMR Group for developing the Male Airport and sought talks between the
maldives action against gmr unilateral assocham -...
PTI November 30, 2012 18:55 IST
New Delhi, Nov 30: Industry body ASSOCHAM today termed as "unilateral" the Maldives government's decision to scrap the $500 million contract given to GMR Group for developing the Male Airport and sought talks between the two sides to find a solution.



In a communication to the Maldivian Ambassador here, ASSOCHAM Secretary General D S Rawat said the government in Male "must provide the opportunity to GMR Group to have discussion and find amicable solution. This will certainly further strengthen the spirit of economic relations amongst the SAARC Nations."

Expressing concern over the "unilateral decision" of the Maldives Government, he said the move had "virtually violated the spirit of International Concession Agreement that was signed after bidding of the global tender by GMR Group."

The Chamber also urged the government there to take immediate steps to protect the interests of GMR, its employees in Male and the Indian banks.

Rawat lamented that this was the "largest investment" (over $500 million) by an Indian company in the Maldives, including $368 million loan from Indian banks, which had "unfortunately got into a controversy."
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