Renaatus Projects Private Limited, a construction and construction material manufacturing company with a strong presence in Maldives, Mauritius, and India, has been awarded a US$29 million contract by the Government of Maldives to expand and upgrade the infrastructure of Gan International Airport, which is operated by Addu International Airport.
The project, which is funded by the Exim Bank of India, entails the construction of an air traffic control tower and a fire station and the upgrade and renewal of the existing terminal, parking lots, roadways, duty-free stores, and restaurants. The project is anticipated to commence this month and conclude in 2025.
Gais Naseer, Managing Director of Addu International Airport Company, and Selvasundaram Poosappan, Chairman of Renaatus Projects Private Limited, recently signed a memorandum of understanding in this regard in the Maldives in the presence of Munu Mahawar, High Commissioner of India to the Maldives, and several ministers of the Maldives government.
This worldwide construction-to-fabrication company has set a goal of expanding its top-line growth from approximately Rs 800 crore at present (FY 2022-23) to Rs 3,500 crore by 2030. The group is already involved in four infrastructure projects in the Maldives, including two government-funded social housing projects and two housing projects of its own, which call for the building of more than 600 dwelling units. In Tamil Nadu, India, the company has completed a number of important construction projects. It operates three operations in the state that produce Autoclaved Aerated Concrete (AAC) blocks (marketed under the trade name Renacon), panels, and adhesives. The corporation intends to establish seven additional production facilities across India.
Chairman Selvasundaram Poosappan commented on Renaatus group’s expansion goals, stating that the company has a strong footing in Maldives and Mauritius and intends to become a major participant in the Indian construction market. The group is positioned to have a turnover of Rs. 3,500 crores by 2030, based on its pan-India expansion plans and infrastructure and housing projects in the country and abroad. Being in a labour-intensive business, the company intends to employ between 30,000 and 40,000 individuals by then.
The Renaatus group has developed many infrastructure projects in the Maldives and Mauritius, including Renaatus Ithaa Muiy, the development of 73 luxury apartments (US$ 13.55 million), the renovation of the IGMH in Male, the IMFF-Maldives University, the New Supreme Court Building in Port Louis, Mauritius (US$ 24.94 million), the Newscast Housing Project of 600 Nos (2BHK) Social Housing Units in Hulhumale (US$ 28.90 Million), construction and sale of the $30 million Hiyaa Residential Apartments in Hulhumale, etc.
Renaatus projects in Tamil Nadu include the Medavakkam Grade Separator (Rs.98.08 Crore), the Perungalathur Road Over Bridge (Rs.155.00 Crore), the Residential & Hospital for New Tirupur Medical College, Tirupur (Rs 175 Crore), the Residential & Academic Campus Development in JIPMER, Karaikal (Rs 171 Crore), the upgradation of SH 09 Cuddalore–Mada (Rs 222 Crore).