Chennai’s Renaatus wins $29 mn order from Maldives to expand Gan Int’l airport

CHENNAI: The city-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 $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 was signed by Gais Naseer, MD, 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, Renaatus has set a target of increasing its topline growth from about Rs 800 crore at present (FY 2022-23) to Rs 3,500 crore by 2030.

The group is already involved in four infra 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, it has completed many construction projects in TN. 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.

Poosappan said, “We have been in the industry for over two decades, and have developed the capability to provide solutions for construction needs. 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 crore by 2030. We hope to create employment opportunities for 30,000-40,000 people by that time.”

Manoj Poosappan, MD, said, “This project will boost tourism and thus the economy of the southern region of the Maldives and benefit businesses and residents.”

Some of its landmark projects include: Renaatus Ithaa Muiy, development of 73 luxury apartments ($13.55 million), makeover of IGMH, Male’ Republic of Maldives, IMFF – Maldives University, and New Supreme Court Building at Port Louis, Mauritius ($ 24.94 million). In TN, its projects include Medavakkam Grade Separator (Rs 98.08 crore), Perungalathur Road Over Bridge (Rs 155.00 crore), residential and hospital for New Tirupur Medical College, Tirupur (Rs 175 crore), residential and 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).