Renaatus Projects, a construction and construction material manufacturer, has won a $29-million contract from the Government of Maldives to expand and upgrade the infrastructure of Gan International Airport, operated by Addu International Airport.
According to its chairman Selvasundaram Poosappan, the project is funded by EXIM Bank of India, and involves construction of an air traffic control tower and fire station besides upgrading and refurbishing the current terminal and parking space. The construction work is expected to begin by June and get over in two years.
The company has projects, both completed and ongoing, worth ₹800 crore in Maldives and with the airport works, this will increase to almost ₹ 900 crore, he said. The company will also maintain the airport for five years, though it will not be operating it.
According to a press release, a Memorandum of Understanding in this regard was signed by Gais Naseer, MD, Addu International Airport Company and Mr. Poosappan recently. The company has set a target to increase its annual topline to ₹3,500 crore by 2030 from ₹800 crore now.
It runs three plants to manufacture Autoclaved Aerated Concrete (AAC) blocks (Renacon), panels, and adhesives in Tamil Nadu and plans to set up seven more manufacturing units across the country, the release added.
For all the latest business News Click Here
