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Renaatus Gets US$ 29M Contract from Maldives

In Business
March 28, 2023

MUMBAI:
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 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.

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.

Commenting about Renaatus group’s expansion plans, Selvasundaram Poosappan, Chairman, said, “We have been in the industry for over two decades, and have meticulously developed the capability to provide end-to-end solutions for all construction needs. A value driven organisation, we are strong in using technology and are committed to the concept of ‘integrated project delivery’. We have a strong foothold in Maldives and Mauritius and aspire to emerge as a key player in the construction industry in India as well. 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. Being in the labour-intensive industry, we hope to create employment opportunities for 30,000-40,000 people by that time.”

Commenting on the Gan International Airport project, Manoj Poosappan, Managing Director, said, “Winning this prestigious contract from the Government of Maldives stands as a testament to the trust we have built in the markets we operate with an untiring resolve to build an enviable track record when it comes to sustainability, cost-effectiveness, and stakeholder value. This project will tremendously boost tourism and thus the economy of the southern region of the Maldives and benefit businesses and residents. When we win such overseas projects, it also has a positive impact in India from where we source major construction materials from our manufacturing units.”

Renaatus group has created an indelible mark in the construction sector in Maldives and Mauritius with its remarkable infrastructure projects. Some of its landmark projects include: Renaatus Ithaa Muiy, development of 73 luxury apartments (US$ 13.55 Million), makeover of IGMH, Male’ Republic of Maldives, IMFF –Maldives University, and New Supreme Court Building at Port Louis, Mauritius (US$ 24.94 million), Newscast housing project of 600 Nos (2BHK) social housing units in Hulhumale (US$ 28.90 Million), development and sale of Hiyaa Residential Apartments in Hulhumale (US$ 30 Million), among others.

In Tamil Nadu, Renaatus has created many avant–garde projects such as Medavakkam Grade Separator (Rs.98.08 Crore), Perungalathur Road Over Bridge (Rs.155.00 Crore), Residential & Hospital for New Tirupur Medical College, Tirupur (Rs 175 Crore), Residential & Academic Campus Development in JIPMER, Karaikal (Rs 171 Crore), upgradation of SH 09 Cuddalore–Madapattu Section (Rs 231 Crore), Irrigation Infrastructure in Grand Anicut Canal, Thanjavur (Rs 222 Crore).