Maldives scraps GMR airport contract; To send ‘very negative signal’: India


While GMR Group described the notice to terminate the concession agreement as "unlawful & premature", analysts said any new plans for the airport, the largest in the region could benefit Chinese foray into the region. The airport contract was awarded to GMR Infrastructure after a ten-month global competitive bidding process in 2010. The company claims it has invested $240 million in the project being built on broadly the same model as its Delhi airport. A company spokesperson said most of the expenditure till now has been on land reclamation and laying of foundation for the new airport building.

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