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India’s Dispute With Devas Spooks Foreign Investors, Lawyer Says

  • Devas will keep seizing assets of Air India, airport operator
  • Dispute is over a 2011 deal with state-run space firm Antrix

Foreign investors will now view India as an unsafe investment destination, according to representatives of Devas Multimedia that’s been empowered to seize the South Asian nation’s assets overseas following a decade-long dispute. 

Devas, which is seeking $1.5 billion from Prime Minister Narendra Modi’s administration, will continue to confiscate cash generated from some ticket sales overseas by flag carrier Air India Ltd., said Matthew McGill, a partner at Gibson, Dunn & Crutcher that represents several Devas shareholders. The firm has already seized assets worth more than $30 million owned by Air India as well as state-run Airports Authority of India, he said.