NBCC plans tie-ups with sick PSUs to boost real estate business

Mumbai: State-run engineering and construction firm National Buildings Construction Corp. Ltd, or NBCC, is planning to tie up with at least half a dozen sick public sector undertakings as it seeks to accelerate its real estate development business across the country. NBCC, which secured the coveted navratna status recently, is also exploring joint ventures (JVs) with companies in West Asia, Europe and the CIS (Commonwealth of Independent States) countries.

 

 

 

The company, under the ministry of urban development, has already signed a JV deal with a company in Oman and is in advanced discussions with two to three companies in Turkey. NBCC, which became the 15th navratna company on 23 June among 250 central public undertakings in India, is expected to move a proposal to the central government shortly to forge JVs with sick government companies that have huge land banks, said Anoop Kumar Mittal, chairman-cum-managing director in an interview on Saturday. MINT