Axis Bank starts arbitration process against Maldives govt

Jul 24, 2013, 07.38 PM IST

The names of the arbitrator are likely to be finalised by September. The final hearing, however, will take place in December. Axis Bank had lent around USD 160 million to GMR for Male airport development.

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Axis Bank starts arbitration process against Maldives govt

The names of the arbitrator are likely to be finalised by September. The final hearing, however, will take place in December. Axis Bank had lent around USD 160 million to GMR for Male airport development.

Like this story, share it with millions of investors on M3

Axis Bank starts arbitration process against Maldives govt

The names of the arbitrator are likely to be finalised by September. The final hearing, however, will take place in December. Axis Bank had lent around USD 160 million to GMR for Male airport development.

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After GMR lost the Male airport contract, the Axis Bank -led consortium has finally resorted to legal measures to recover their dues. CNBC-TV18 learns that their lead lender Axis Bank has started the arbitration process.

The consortium has filed an appeal before a Singapore tribunal against the Maldives government. 

The names of the arbitrator are likely to be finalised by September. The final hearing, however, will take place in December. Axis Bank had lent around USD 160 million to GMR for Male airport development.

The Maldives government cancelled GMR's contract for modernising the Male Ibrahim Nasir International Airport in December 2012. The USD 529 million INIA development project involved debt of USD 358 million.

The consortium consisting of Axis Bank and Indian Overseas Bank has provided USD 160 million to GMR for development of INIA, out of which 85 percent of loan is from Axis Bank

Meanwhile, answering to a  CNBC-TV18 query, Axis Bank says: "As a policy does not disclose names or details about its customers".

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