Jan 02, 2014, 07.09 PM IST
The GMR's project worth over USD 500 million was scrapped unilaterally 14 months ago by Maldivian government, then headed by Mohamed Waheed, after lot of political domestic pressure to do so.
Tags GMR Infrastructure, Maldives, Male, Abdulla Yameen, Manmohan Singh
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Maldives-GMR: Out of court settlement for Male airport
The GMR's project worth over USD 500 million was scrapped unilaterally 14 months ago by Maldivian government, then headed by Mohamed Waheed, after lot of political domestic pressure to do so.
Like this story, share it with millions of investors on M3
Maldives-GMR: Out of court settlement for Male airport
The GMR's project worth over USD 500 million was scrapped unilaterally 14 months ago by Maldivian government, then headed by Mohamed Waheed, after lot of political domestic pressure to do so.
However, he appeared to rule out Indian infrastructure giant's comeback in the Male airport project, saying it was highly "politicised case" in Maldives.
Also Read: GMR Infra sells entire 40% stake in Istanbul airport
Yameen was talking at a business meet after meeting Prime Minister Manmohan Singh, who had asked him to address the problems faced by some Indian investors and "amicably" settle the issue of Male International Airport. "There is nothing that cannot be sorted out through dialogue. So we are very keen to have a dialogue with GMR. As we speak, GMR is speaking with our officials to have a settlement out of court and not through arbitration. So hopefully, we will have mutually amicable solution," Yameen said.
The GMR's project worth over USD 500 million was scrapped unilaterally 14 months back by Maldivian government which was then headed by Mohamed Waheed after lot of political domestic pressure to do so.
"We are hoping that before we are through with arbitration, we will be able to mutually resolve this matter," Yameen said. However, when asked if the Indian infrastructure giant would again be given opportunity to get into the airport renovation project, he evaded a direct answer but appeared to rule out any possibility for GMR in near future, saying currently the airport infrastructure and construction would be done by the Maldivian authorities, "...right now airport infrastructure and construction, this is going to be done by Maldivian authorities and whether in future, if and what segment of airport can be tendered out to foreign partners, is yet to be evaluated," he added.
The President said that international airports and tourism are most remunerative areas for investors,."...so this is one of the reason why GMR has not been able to complete the contract given under former administration....". However, he said Maldives would welcome investments by the Indian infrastructure major GMR in other areas
"Most of us would like GMR investment in Maldives as well but regarding the existing airport (issue)... it is highly politicised case and therefore at this point of time, I will not be able to tell you what course the administration will be able to take," he added.
GMR Infra stock price
On January 02, 2014, GMR Infrastructure closed at Rs 23.60, down Rs 1.25, or 5.03 percent. The 52-week high of the share was Rs 25.35 and the 52-week low was Rs 10.65.
The company's trailing 12-month (TTM) EPS was at Rs 0.12 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 196.67. The latest book value of the company is Rs 18.46 per share. At current value, the price-to-book value of the company is 1.28.
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