Maldives experience is a learning: G M Rao

Asked whether GMR will seek help from Union govt, he said, 'don't know and cannot comment'

The current Maldivies issue has given a lot experience to deal with future expansion plans in its international business, says G M Rao, chairman, GMR Group.

Speaking on the sidelines of TiECON 2012 at Chennai he said, "it has given us a lot of experience and we will participate wherever there is a transparent bidding process. This project was made a success story by the IFC".

He added, "what they could not make in 30 years, we made it a success. We wanted to create value for the Maldivian society."

Asked whether the company will seek help from the Union Government, he said, "don't know and cannot comment".

It may noted the recently the Maldivian government decided to terminate the contentious project under domestic political pressures, which led GMR to move the Singapore High Court against the decision. As per the project contract, in case of any differences between parties, the law of either Singapore or UK would apply.

The Maldivian Airport Company Limited (MACL), based on Maldivian government's instructions, had on November 27 terminated the contract, which was given to GMR in 2010 during the previous regime of President Mohamed Nasheed.

The High Court of Singapore has granted injunctive relief against the applicability and operations of Letter dated November 27 issued by the Ministry of Finance & Treasury (MoFT), Government of Male, GMR said in a statement in Singapore.

Immediately after the Singapore High Court verdict, Maldives made it clear that its termination decision was "non-reversible and non-negotiable" and said no such injunction can be issued against a sovereign state.