GMR seeks over $800 million in compensation from Maldives Govt.

GMR seeks over $800 million in compensation from Maldives Govt.Infrastructure giant GMR has announced that it has sought a compensation of more than $800 million from the Maldives government for the termination of Male International Airport contract.

The Maldives government had terminated the airport deal on 27th of November, and grabbed hold of the airport operations from GRM on the midnight of 7-8 December.

Speaking on the topic, GMR (Airports) CFO Sidharath Kapur said, "We have sent a letter to the Maldivian government indicating a number of more than $800 million as compensation amount."

Mr. Kapur added that the figure mentioned by the company was just the initial estimate, and that the final figure would be based upon various factors, such as loss of profit.

On the other hand, the Maldivian government debunked GMR's calculations and insisted on getting a forensic audit done by an international accountant.

Masood Imad, press secretary of Maldives President Mohamed Waheed, GMR had cashed in just $150 million of the loan of around $350 million that it had taken through a bank.

GMR had bagged a $511 million contract to upgrade and operate the Male International Airport in 2010, during the previous rule of President Mohamed Nasheed, for 25 years.