Parent firm to sell Afcons, major Indian contractor in Maldives
There have been several complaints over the slow speed and low quality of Afcons projects in the Maldives.
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Parent firm Shapoorji Pallonji Group is looking sell Afcons Infrastructure Limited, which has been awarded major projects in the Maldives funded through Indian loans, Indian media reported Tuesday.
Several Indian media outlets as well as Bloomberg quoted people familiar with the matter as saying that Shapoorji Pallonji Group, controlled by billionaire Shapoor Mistry, is weighing asset sales including a controlling stake in its flagship engineering firm that could raise about $2 billion.
The company is working with an adviser to seek buyer for its holdings in Afcons Infrastructure Ltd., a Mumbai-based infrastructure construction company, the people said.
Afcons has been contracted to develop Greater Male Connectivity Bridge, the biggest infrastructure projects undertaken by the incumbent Maldivian government. It is part of a loan of MVR 8.2 billion extended by by Exim Bank of India.
The MVR 1.1 billion Addu road construction project is also undertaken by Afcons.
There have been several complaints over the slow speed and low quality of Afcons projects in the Maldives.
The company's employees in Addu have also gone on strike recently, citing poor living conditions.
