Male’, Maldives —The Ministry of National Planning, Housing & Infrastructure has awarded an Indian company with no experience in housing with a housing project worth USD 140 million.
Under the housing policy of the incumbent Maldivian government, an Indian company, Ashoka Buildcon Limited has been assigned a project of USD 140 million to build 2,000 social housing units at the Hulhumale’ Phase 2.
Ashoka Buildcon Ltd. is one of the leading highway developers in India. Other than construction of highways and bridges, the company is also engaged in Power Transmission and Distribution on EPC basis. They are also constructing road network for Housing Development Corporation in the Republic of Maldives.
Although Ashoka Buildcon Ltd. has so far not carried out a single housing project throughout its history, the Fahi Diriulhun Cooperation has signed an Engineering, Procurement and Construction (EPC) contract under the governments social housing policy with the Indian company.
The USD 140 million worth project consists of 500 units of 2-bedroom apartments of 650 square feet and 1500 units of 3-bedroom apartments of 900 square feet to be built within three years. This project is to be financed via a loan from the Export Import Bank of India (EXIM Bank).