NBCC, NMRDA join hands to develop smart business district in Nagpur

NBCC (India) Ltd said on Tuesday it has signed a memorandum of understanding with the Nagpur Metropolitan Region Development Authority (NMRDA) to develop the planned business district of Naveen Nagpur.

The project, spread across about 1,710 acres, will include a 1,000-acre business district and 710 acres reserved for future expansion, the state-owned construction company said in a filing.

NBCC has been appointed as project management consultant for the development, which will feature integrated infrastructure such as underground utility tunnels, a district cooling system, automated waste collection, and a segregation plant.

The project aims to build commercial establishments for startups, MSMEs, IT companies and corporate offices, along with residential and mixed-use developments in line with town planning guidelines.

The MoU was signed in the presence of Maharashtra Chief Minister Devendra Fadnavis, NBCC Chairman & Managing Director K.P. Mahadevaswamy, and NMRDA Commissioner Sanjay Meena.

The agreement marks a step toward positioning Naveen Nagpur as an International Business and Finance Centre (IBFC), the company said.

NBCC (India) is a Navratna Public Sector Enterprise (PSE) owned by the Government of India, operating under the Ministry of Housing and Urban Affairs (MoHUA). Incorporated in 1960, NBCC is involved in project management, real estate, and engineering procurement & construction services. 

The company posted a strong performance for the June quarter, reporting a consolidated net profit of ₹132 crore, up 26.3% from ₹104.6 crore in the corresponding quarter last year.

The company's bottom line was supported by healthy growth in revenue as well as improved operating performance.

Revenue from operations for the quarter came in at ₹2,391 crore, marking an 11.6% rise compared to ₹2,142.5 crore in Q1 of the previous financial year.

Shares of the company were trading 0.2% higher at a price of ₹102.69 on the BSE today. In the last six months, the stock has surged over 30% on the back of rising infrastructure and housing demand in India.