Fahi Dhiriulhun Corporation (FDC) has contracted Ashoka Buildcon, an Indian company, to build 2,000 social housing units in Hulhumale' Phase II.
The agreement was signed at a virtual meeting by Managing Director of FDC Salfiyya Anwar and Assistant General Manager at Ashoka Buildcon Ajay Kankaria.
FDC hired Ashoka Buildcon to construct 2,000 housing units under an Engineering, Procurement, and Construction (EPC) contract.
Ashoka Buildcon is tasked with constructing 500 two-room apartments measuring 650 square feet and 1,500 three-room apartments measuring 900 square feet. FDC stated the three-year project is worth USD 140 million, and is being financed by a loan from the Exim Bank of India.
Ashoka Buildcon is one of the leading infrastructure companies in India and is engaged in construction of highways and bridges as well as power transmission and distribution. Housing Development Corporation (HDC) has also contracted Ashoka Buildcon to construct road networks in the Maldives.
In March, FDC had also contracted JMC Projects (India) Limited to develop an additional 2,000 housing units in Hulhumale' Phase II. The three-year project, worth USD 137 million, is also funded under a loan from Exim Bank of India.