GMIAL is pleased to advise that the High Court of Singapore has today granted injunctive relief against the applicability and operations of Letter Ref No. 13-M/PRIV/2012/921, dated 27/11/2012 issued by the Ministry of Finance & Treasury, GOM. The High Court upon hearing both the parties was pleased to grant this stay in favor of GMIAL (consortium of GMR-MAHB).
Both MACL and MoFT, pursuant to the notice issued on 27th Nov 2012 either directly or indirectly, are not allowed to interfere with the rights of the Investor (GMR-MAHB consortium) under the concession agreement.
With this GMIAL shall continue to operate the Ibrahim Nasir International Airport as usual as per the provisions of the Concession Agreement. It may be recalled that GMIAL, a consortium of GMR- MAHB (Malaysian Airports) won the bid to operate and modernize Ibrahim Nasir International Airport post a successfully run International competitive bidding conducted by IFC, an arm of the World Bank in a most transparent and open manner.
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.
India Infoline Research Team / 14:59, May 20, 2015
GPIL reported 13.5% yoy decline in operating profit as the impact of higher volumes was offset by lower product prices