Uthuru Thilafalhu project awarded to Rail Vikas Nigam for U$186 million
The government of Maldives has awarded the Uthuru Thilafalhu project to India's Rail Vikas Nigam for U$ 186 million (MVR 2.9 billion).
According to several Indian Media outlets, The project was given to the company with a completion date of two years.
Awarding letter for the project was delivered to Rail Vikas Nigam yesterday. As a result of the project, the stock market value of the company has increased by as close as 5%.
Vikas Nigam has undertaken several railway projects in India. The state-owned Rail Vikas Nigam was founded in 2003.
An MOU was inked last year in February with the government of India to construct a unique port at Uthuru Thilafalhu for the MNDF Coast Guard.
The construction of a dockyard for the Coast Guard was discussed in 2016 and formulated in a Defense Action Plan. During the visit of the then Defense Minister to India in 2013 during the administration of former President Mohammad Vahid, discussions on the development of the northern hills were held with other friendly countries and their companies.
The handing over of the Uthuru Thilafalhu Project to an Indian company comes at a time when the opposition was suspected of Building an India Military base in the Maldives.