Chennai-based Mohan Mutha Group, the parent entity overseeing India’s esteemed MM Exports, renowned for its involvement in significant construction undertakings and the sale of construction equipment within the Maldives, has unveiled plans to initiate a substantial investment of USD 30 million (equivalent to MVR 462 million) in the creation of a high-end resort within the Maldives.
According to a recent statement by the Executive Director of the conglomerate, Suresh Mutha, the group is presently engaged in the acquisition of requisite authorizations to construct a premier ‘wellness’ resort within the Maldives. Mutha further disclosed that the financial support for this venture has been successfully secured through a loan arrangement with a prominent Maldivian financial institution, although finer specifics have not been publicly disclosed.
Elaborating on the resort’s unique offerings, Suresh conveyed that it will be exclusively dedicated to providing vegan and vegetarian culinary experiences, in addition to abstaining from the provision of alcoholic beverages.
The selected site for this development, as indicated by the company, is the region of Vaadhoo within the Maldives, while specific atoll details have yet to be provided.
Aside from its core involvements in logistics, shipping, and trading, the conglomerate also boasts a notable presence within the real estate sector.
Having established a noteworthy footprint within the Maldivian construction landscape over the years, MM Exports, a subsidiary of Mohan Mutha Group, has emerged as a pivotal player within the nation. This has culminated in the deployment of a fleet comprising 15 tugs and barges, facilitating seamless transportation between India and the Maldives.
It is noteworthy that the company’s maritime vessels have encountered substantial penalties for inadvertently grounding on the Maldivian reefs, with fines escalating to a significant sum, reaching up to MVR 100 million. However, as of now, the resolution of these penalties remains pending.