City firm bags ₹350-cr. order from Maldives

Chennai-based Indira Group of Companies has drawn up plans to enter the Maldives, Mauritius and African markets as part of its expansion programme.

“We are in the process of bagging orders close to ₹1,000 crore this calendar year,” said Bhupesh Nagarajan, chairman and founder. Two projects of more than ₹800 crore are to be executed in Maldives over the next two years, he added. “The first in the line of ₹350 crore was bagged by our joint venture firm (Ashoka Buildcon Ltd.) ABL-Indira Projects to design and construct police stations, accommodations and custody facilities in Maldives for its police service. It will cover 80% of the island,” Mr. Nagarajan said.

According to him, about 85% of the total construction cost of this project would be funded by Exim Bank and the remaining by the Maldivian government. An agreement was signed by Maldives Commissioner of Police Mohammed Hameed and Mr. Nagarajan in Maldives on July 17.

“Bagging such a huge order during the COVID period is a big win for us. While ABL will be the lead partner, we will carry out the civil works. We are planning to hire 300 workers and 60 engineers who were rendered jobless due to the pandemic,” he said.

“The JV is in the process of securing another order valued at ₹465 crore and building a school project in Maldives and other projects in Mauritius and Africa. The details will be shared soon,” he added.

Mr. Nagarajan said that they had seven ongoing residential projects in Chennai and one resort near Puducherry, which would be completed in a year or two. The company is likely to end FY22 with a turnover of ₹200 crore against ₹72 crore in the year-earlier period.

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