The Indian High Commission has welcomed the successful renegotiation of the TATA Housing development project in Malé.
“The positive developments in the TATA Housing project would definitely encourage more such investments from Indian businesses into Maldives,” read a press release from the Indian High Commission today.
Work on residential apartments will now resume on the Gaakoshi and Arabiyya sites, after a two year delay as the government sought to renegotiate the original terms of the contract.
“Government of Maldives has also given a commitment to transfer back the two sites – Naadhee and Odean, which were taken back by Government for specific purposes, and provide other timely clearances to the company,” the statement continued
The initial agreement was signed in May 2010 between the government of Mohamed Nasheed and Apex Realty Pvt Ltd – a joint venture between TATA Housing Development and SG 18 Realty.
Work commenced on the premises, but was later halted due to pending resolution of numerous contractual issues.
“Despite a two-year delay, due to certain external and unavoidable circumstances resulting in hugely enhanced cost implications, M/s Apex Realty, where Tata Housing is a majority shareholder, is committed to deliver the residential apartments to the people and government of Maldives.”
The addendum agreement was signed today between TATA Housing Managing Director and CEO Mr Brotin Banerjee and the Maldives Ministry of Housing and Infrastructure.
Shortly after the project stalled in 2012, officials from Apex Realty reportedly told Indian media of fears that local politics were derailing their investments in the Maldives.
“The agreement has firm assurances from both Government of Maldives and TATA Housing,” read today’s high commission statement.
Relations between the Maldives and India cooled following the premature termination of the GMR airport development deal – also signed under the Nasheed government – in late 2012.
After being reviewed in a Singapore court of arbitration, the GMR deal was recently ruled to have been legal and binding, leaving the Government of Maldives liable for damages incurred by the Indian company.
Since assuming the presidency in November 2013, President Abdulla Yameen has sought to improve investor relations, expressing his hope that Indian companies continue to invest in the Maldives.
The current government’s controversial flagship legislation – the recently passed Special Economic Zones Act – is intended to attract further foreign investment.
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We do not need companies like GMR to come back and even we don't need any other Indian companies to invest in Maldives and do deals under the table like GMR.
Most of the indian companies will not do a a clean business and they will always try to do underhand deals. We had enough of this.
Here we go again! Why on earth are Indian companies doing business with the Maldivian mafiosi, sorry, I meant the Maldivian government? Have no lessons been learnt from the GMR deal?
Are ANY international legally binding contracts honoured in full in Maldives or are ALL contracts 'subject to renegotiation'?
You guys have missed your vocation, you would make perfect second hand car dealers.
India and allies just can’t just bear this relationship happening because Indian Embassy’s efforts of robbing Ibrahim Nasir International Airport using GMR as tool failed because of their greedy and colonial approach. MALDIVIANS are a proud people and will never accept to be subservient to India. Over my dead body to the say the least.
Thanks President Xi of China for accepting invitation from President Yameen and visiting the Maldives; now seeing and feeling the Maldives in real. A greedy Indian Head of State would try to somehow bully Maldivians into a tricky loan situation or force an Indian multinational like TATA or a GMR to colonize the Maldives and create a situation dependency to Indian will. Once they are in, it will be a difficult situation to get the stinker out.
I think it is a matter of time before all genuine investors will flee Maldives and leave the country to the ISIS to run their affairs. Maldives is history under the drug lords of Kaamineege.
Islamist right took excellent advantage of the ushering in democratic means and freedom of speech. It really started with the free speech refroms to hit hard.
Alternate school of Islamic theology should be out in force education and propagating their Islamic philosophy really to counter in a democratic fashion.
now india bashing has started, when will you maldivians learn to live with sense,
its a common saying your " neighbours are your immediate help" just imagine a ragged guy tries to take over male and then you will cry for help and we have to send in a couple of soldiers to help you regain power and brin peace to the island, which never exists. learn guys learn, i want maldives to grow.
missindianewdelhi to be a second hand car dealer you have to be smarter than a new car dealer.
Yes, Mr.ilumaldives,
India Bashing shall continue as the story you are trying create and the truth of that matter is that late Rajiv G organized sending ragged people to take over Maldives and so he was asked to do the mopping up and cleaning up