A Singapore court ruled in Maldives' favour on Thursday, overturning an earlier order won by GMR Infrastructure that had suspended the South Asian state government's decision to cancel its USD 511 million airport development contract with the company.
A judge at the Singapore Supreme Court ruled in the Maldives favour, meaning it can go ahead and cancel the contract, effectively taking control from GMR. The standoff over the project threatens to cloud foreign investor sentiment on Maldives, which is seeking overseas cash for many of its tourism projects. The country terminated an agreement with GMR last week, rattling its relations with India.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
