Chennai-based construction and construction material manufacturing company Renaatus Projects has secured a $29m contract from the Maldives government to upgrade infrastructure at the international airport on Gan Island. The Exim Bank of India will fund the project, which will involve the construction of an air traffic control tower and fire station, as well as upgrades to the terminal, parking, roads, duty-free shops and restaurants. Renaatus expects to begin work on the project this month and complete it by 2025.
The Chennai’s Renaatus group aims to increase its top-line growth from INR8bn ($107m) in FY23 to INR35bn by 2030. The company has four infrastructure projects in the Maldives, including two government-funded social housing projects and two of its own housing projects, with over 600 housing units in total. Renaatus has completed several prestigious construction projects in Tamil Nadu, India, and runs three Renacon plants that manufacture autoclaved aerated concrete (AAC) blocks, panels and adhesives. The company plans to establish seven more manufacturing units across India.
Chennai’s Renaatus Group Chairman, Selvasundaram Poosappan, stated that the company has more than 20 years of experience in the construction industry, providing end-to-end solutions for all construction needs. The company is committed to delivering value and using technology, and has a strong focus on the concept of ‘integrated project delivery’.
The company has set its sights on becoming a significant player in India’s thriving construction industry. Already with a strong presence in the Maldives and Mauritius, it has achieved numerous landmark projects such as the luxurious Renaatus Ithaa Muiy development comprising 73 apartments, the revitalisation of IGMH in Male’ Republic of Maldives, IMFF-Maldives University, and the impressive new Supreme Court Building in Port Louis, Mauritius. These projects have cost millions, with the Chennai’s Renaatus Group Ithaa Muiy development priced at $13.55m and the New Supreme Court Building coming in at $24.94m.
In addition, the company has been involved in various other noteworthy projects such as the Newscast housing project, comprising of 600 two-bedroom houses and social housing units in Hulhumale, which cost $28.90m, and the Hiyaa Residential Apartments development, also located in Hulhumale, which was sold for $30m.
The group’s Managing Director, Poosappan, has high aspirations for the company, stating that it is well-positioned to achieve a turnover of INR 35bn by the year 2030. The company is keen to expand its operations throughout India with infrastructure and housing projects. The construction industry is labour-intensive, and the company is looking to create employment opportunities for between 30,000-40,000 people by 2030.
The company’s successes in the Maldives and Mauritius have been impressive, and the group’s expansion into India looks set to continue this trend. With the construction industry in India showing continued growth, the company is well-placed to take advantage of the opportunities available. The company’s plans to create thousands of employment opportunities will also be welcomed, particularly given the current economic climate.
Overall, the company’s expansion plans appear to be both ambitious and achievable. With a strong track record of successful projects in the Maldives and Mauritius, the company is well-positioned to establish itself as a significant player in India’s construction industry.
