India's Mohan Mutha Group ventures into Maldivian hospitality industry

Mohan Mutha Group from India has unveiled plans to create a new resort in the Maldives.

Mohan Mutha is the parent company of MM Export, a key player in supplying construction materials to the Maldives.

Mohan Mutha's Executive Director, Suresh Mutha, told India's BusinessLine newspaper that the company had secured a loan from a Maldivian bank to build a $30 million (MVR 462 million) resort on an island named Vaadhoo. Suresh's interview reveals that the resort is a "wellness" resort and will therefore not be serving alcohol and certain meats at the resort.

While Mohan Mutha is preparing to build a resort in the Maldives, it is worth noting that several tugs owned by MM Export have run aground on Maldivian reefs on multiple occasions, causing significant damage. AVAS has learned that the outstanding fines owed by the group for the damages exceed MVR 100 million.