NBCC India forms subsidiary in Dubai for real estate purposes
NBCC Overseas Real Estate LLC has been incorporated as a Wholly Owned Subsidiary of NBCC (India) Limited in Dubai Mainland, UAE.
New Delhi: Shares of Civil Construction PSU Firm, NBCC (India) Ltd, surge by 3.8% as the company has incorporated a wholly-owned subsidiary in Dubai Mainland, UAE, for real estate purposes.
NBCC Overseas Real Estate LLC has been incorporated as a Wholly Owned Subsidiary of NBCC (India) Limited in Dubai Mainland, UAE. The Company has been incorporated for the buying and selling of real estate in the Dubai Mainland, according to the exchange.
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For this, Department of Investment and Public Asset Management (DIPAM) vide their OM dated 24th February 2025 reiterated their earlier approval for setting up of wholly owned subsidiary of NBCC in Dubai. Further, RBI-ODI approval is still awaited.
According to the information shared by the Company, the newly incorporated unit came with an objective of executing the real estate business in mainland Dubai initially for buying and selling the real estate.
Read Also : Goa Shipyard backed Fifth FPV ‘Achal’ Launched for ICGAdditionally, in a separate filing it has been stated that NBCC (India) Limited has successfully sold 446 residential units at Aspire Silicon City, PH-IV at Sec-76, Noida, U.P. through an e-auction at total sale value of approx. Rs. 1,467.93 crores.
Shares of NBCC (India) Ltd are surged over by 3.86% at Rs 110.84. The stock opened today at Rs 107.16. It has been corrected over by 12.64% in the past one month. Meanwhile, the 52-week high is at Rs 139.83.
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