NBCC signs MoU with RIICO for Rajasthan Mandapam project
State-run civil construction company NBCC (India) Ltd. has entered into a memorandum of understanding (MoU) with the Rajasthan State Industrial Development and Investment Corporation (RIICO).
New Delhi: State-run civil construction company NBCC (India) Ltd. has entered into a memorandum of understanding (MoU) with the Rajasthan State Industrial Development and Investment Corporation (RIICO).
The agreement is for the development of the renowned Rajasthan Mandapam and allied infrastructure projects in Jaipur. The PSU company has been appointed as the exclusive executing agency to lead the transformation of a 95-acre prime land parcel.
The work order includes master planning, architectural design, engineering, construction, and international standard marketing.
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The project consists of the Rajasthan Mandapam Convention Centre, Unity Mall, and various commercial and cultural infrastructure components in Jaipur, making it a premier destination for global conventions and retail innovation. RIICO will provide NBCC an initial interest-free advance of Rs 50 crore. With this, the NBCC will utilize the remaining funds through the sale and lease of built-up spaces and planned plots.
The project investment includes government financial assistance up to Rs 635 crore for the Rajasthan Mandapam, which reflects the commitment for timely completion. The project will be monitored by a joint empowered committee and will ensure rigorous oversight and quality. The project is targeted for completion within 30 months upon receipt of statutory and internal approval.
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