JMC Projects to develop 2,000 housing units in Maldives
Construction engineering company JMC Projects (India) has bagged an order from Maldives Fahi Dhiriulhun Corporation (FDC) for the construction of 2,000 housing units in Maldives at a cost of Rs 1,000 crore.
In a BSE filing, JMC Projects said it has signed an agreement with FDC, a state-owned company of the Government of the Republic of the Maldives, for the design, finance and construction of 2,000 social housing units in Hulhumale Island of Maldives.
This project's total value is estimated to be around Rs 1,000 crore and is planned to be financed through a loan from a multilateral funding agency.
JMC Projects said the financial closure of the project is expected to conclude soon, and construction on the project will commence after the financial closure.
JMC Projects CEO and Deputy Managing Director S N Tripathi said the company's international business has expanded its presence further with the project.
FDC is a state-owned company of the Government of the Republic of the Maldives. JMC Projects (India), a subsidiary of Kalpataru Power Transmission Limited, is an engineering procurement and construction (EPC) company working in areas such as real estate, infrastructure, industry, and power.