The Erode-based Renaatus Projects Private Limited, a construction and construction material manufacturing company with a strong foothold in Maldives and Mauritius as well as a growing presence in India, has won a US$29 million contract from the Government of Maldives to expand and upgrade the infrastructure of Gan International Airport, operated by Addu International Airport.
Funded by the Exim Bank of India, the project involves the construction of an air traffic control tower, and fire station as well as upgrading and renewing the current terminal, parking, roads, duty-free shops and restaurants. The project is expected to begin this month and will be completed by 2025.
An MoU was signed by Gais Naseer, Managing Director, Addu International Airport Company, and Selvasundaram Poosappan, Chairman, Renaatus Projects Private Limited in Maldives recently, in the presence of Munu Mahawar, High Commissioner of India to Maldives, and several ministers of Maldives government.
The group is already involved in four infrastructure projects in the Maldives – including two social housing projects funded by the government – and two housing projects of its own, that envisage the construction of 600+ housing units in total.
Selvasundaram Poosappan, the Chairman, said, “with our pan India expansion plans and infrastructure and housing projects in the country and abroad, our group is poised to achieve a turnover of Rs. 3,500 crores by 2030.”
Manoj Poosappan, Managing Director, said, “This project will tremendously boost tourism and thus the economy of the southern region of the Maldives and benefit businesses and residents.”