Mumbai, 27th March 2023: 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 Exim Bank of India, the project involves the construction of air traffic control tower, fire station as well as upgrading and renewing the current terminal, parkings, roads, duty-free shops and restaurants. The project is expected to begin this month and will be completed by 2025.
An MoU in this regard was signed by Mr. Gais Naseer, Managing Director, Addu International Airport Company, and Mr. Selvasundaram Poosappan, Chairman, Renaatus Projects Private Limited in Maldives recently, in the presence of Mr. Munu Mahawar, High Commissioner of India to Maldives, and several ministers of Maldives government.
Embarking on an ambitious expansion plan, this construction-to-fabrication multinational has set the target of increasing its top-line growth from about Rs 800 crore at present (FY 2022-23) to Rs. 3,500 crores by 2030. The group is already involved in four infrastructure projects in 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. In India, the company has completed several prestigious construction projects in Tamil Nadu. It runs three plants to manufacture Autoclaved Aerated Concrete (AAC) blocks (sold under the brand name of Renacon), panels, adhesives in the state. The company plans to set up seven more manufacturing units across the country.
