The President’s Office has stated that the projects being undertaken by India-based Afcons Infrastructure Limited will not be affected by the sale of the company.
Indian media outlets have reported that the parent company, Shapoorji Pallonji Group, is looking to sell Afcons Infrastructure, which is undertaking two major infrastructure development projects in the Maldives. As such, the company is tasked with completing the Greater Male’ Connectivity Project (GMCP), which is worth USD500 million, and the Addu City Road Development Project, worth USD77.7 million. The projects are being funded by the government and a line-of-credit loan facility from the EXIM Bank of India.
At a press conference, Spokesperson at the President’s Office Miuvaan Mohamed said the government is aware of the reports but Afcons Infrastructure is yet to disclose any information on plans to sell the company. He also said that corporations selling their companies and assets is common and that the projects will resume even if Afcons is sold, as it would not affect the agreement signed with the Maldives. He assured that the GMCP project will continue as scheduled, with many of the works at the project sites in Male’ and Gulhifalhu to be completed by December.