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Chennai's Renaatus gets $ 29 mn contract expand Maldives airport

Project funded by Exim Bank of India, involves constructing an air traffic control tower, fire station and upgrading terminal

L to R : Mr. Gais Naseer, Managing Director, Addu International Airport Company and Mr. Selvasundaram Poosappan, Chairman, Renaatus Group

L to R : Mr. Gais Naseer, Managing Director, Addu International Airport Company and Mr. Selvasundaram Poosappan, Chairman, Renaatus Group

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Renaatus Projects, a construction and construction material manufacturing company in Chennai, has won a $29 million contract from the Maldives government to improve infrastructure at the international airport on Gan Island.

The project, which will be funded by Exim Bank of India, involves constructing an air traffic control tower, fire station and upgrading and renewing the terminal, parking, roads, duty-free shops and restaurants. The project is expected to begin this month and will be completed by 2025.

Renaatus, a construction-to-fabrication multinational, said its target is to increase top line growth from about Rs 800 crore in FY23 to Rs 3,500 crore by 2030. The group is involved in four infrastructure projects in Maldives—two housing projects of its own and two social housing projects funded by the archipelago’s government—to construct more than 600 housing units. 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, and adhesives in the state. The company plans to set up seven more manufacturing units across the country.

“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," said Renaatus group chairman Selvasundaram Poosappan.

"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. Being in the labour-intensive industry, we hope to create employment opportunities for 30,000-40,000 people by that time,” he said.

Renaatus group's 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), Newscast housing project of 600 two-bedroom houses, social housing units in Hulhumale ($28.90 million), development and sale of Hiyaa Residential Apartments in Hulhumale ($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).

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First Published: Mar 27 2023 | 1:19 PM IST

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