GMR Gets Stay Order on Maldives Airport Contract Termination
December 3, 2012 7:11 PM EST
GMR Infrastructure(GMRI.NS) has obtained a stay order from a Singapore court on the Maldives government's decision to cancel its $511 million airport development contract, an executive of the Indian company said.
"We have obtained an injunctive stay on the operations of that (contract termination) letter," Arun Bhagat, group spokesman for GMR, told Reuters on Monday.
"So which, in effect means, we continue to operate (the airport) as normal business."
The Maldives government last week terminated GMR's contract to develop and operate an international airport at Male.
A spokesman for the President of Maldives said he has not received the court's order, when contacted by Reuters.
Shares in GMR were up 4.84 percent at 19.45 rupees by 12:15 p.m. when the Mumbai market was down 0.28 percent.
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