Chennai based Mohan Mutha Group, the parent company of India's MM Exports, which is involved in major projects and the sale of construction equipment in Maldives, is planning to develop a USD 30 million (MVR 462 million) resort in the Maldives.
The Executive Director of the company, Suresh Mutha, said in an interview with The Hindu's Businessline newspaper that Mohan Mutha Group is in the process of obtaining the necessary permits to build a 'wellness' resort in the Maldives. He also said that the funding for the resort has been secured through a loan from a Maldivian bank, although details were not revealed.
According to Suresh, the resort will exclusively offer vegan and vegetarian cuisine, and it will not serve any form of alcohol.
The company said that the resort is being developed in Vaadhoo, although the atoll had not been specified.
In addition to logistics, shipping, and trading, the company also engages in real estate.
Having established a significant presence in the construction sector of the Maldives over the years, MM Exports has become a prominent player in the country. The company's operations extend to 15 tugs and barges for transportation between India and the Maldives.
The company's vessels have faced substantial fines for running aground on the reefs of Maldives. These penalties have increased to as much as MVR 100 million. However, they have yet to be settled.
Sign In
