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04-Dec2012

GMR Infra slips on Maldives standing firm over termination of Male airport deal

GMR Infrastructure is currently trading at Rs 19.20, down by 0.45 points or 2.29% from its previous closing of Rs 19.65 on the BSE.

The scrip opened at Rs 19.00 and has touched a high and low of Rs 19.70 and Rs 19.00 respectively. So far 1830759 shares were traded on the counter.

The BSE group 'A' stock of face value Re 1 has touched a 52 week high of Rs 34.40 on 17-Feb-2012 and a 52 week low of Rs 16.75 on 29-Nov-2012.

Last one week high and low of the scrip stood at Rs 19.80 and Rs 16.75 respectively. The current market cap of the company is Rs 7454.01 crore.

The promoters holding in the company stood at 71.62% while Institutions and Non-Institutions held 18.87% and 9.52% respectively.

Notwithstanding Singapore court ruling, which stayed the government order for an Indian-Malaysian consortium to terminate operations there, Maldives is expected to take over operations at the country's main airport over the next few days. However, as many reports suggest, the final settlement of the dispute could involve Maldives Airport Company paying the claim of the entire $220 million that GMR consortium has invested so far.

Back in 2010, GMR Male International Airport (GMIAL), a joint venture company comprising of GMR Infrastructure (77%) and Malaysia Airports Holding Berhad (MAHB) (23%), won the right to build and operate the Ibrahim Nasir International Airport (INIA) for 25 years, which is extendable by another 10 years. The GMR -MAHB consortium had emerged successful amongst the shortlisted six parties in the Male Airport privatization global bid process managed by IFC, an arm of World Bank.

However, as per GMR, the Singapore court judgment meant that it would be able to continue running the airport. This was in light of Singapore High Court (HC) passing an injunctive relief against the Maldivian Airport Company (MACL) and the government from taking any action as per the November 27 letter. The MACL, based on the directions of the new Maldivian government, had on November 27 cancelled the contract given to GMR in 2010 during the previous regime of President Mohamed Nasheed.


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