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The Dollar Business Bureau State-run construction company NBCC Ltd will execute housing projects worth Rs.130 crore in Mauritius. NBCC (India) Ltd, which is managed by the Ministry of Urban Development, will build 700 duplex-type homes with 50 square metre net floor area in one-and-a-half year time in Mare Tabac and Dagotiere of Mauritius. In this regard, a Memorandum of Understanding (MoU) was signed on Monday in the presence of M Venkaiah Naidu, India’s Urban Development Minister, and Showkutally Soodhun, Vice Prime Minister and Minister of Housing and Lands of Mauritius. Earlier in March, NBCC had signed an agreement for constructing a new building for Supreme Court in Port Louis at an investment of Rs.220 crore in 2 years. The Government of India has sanctioned $353 million as ...

The Dollar Business Bureau Indian real estate giant National Buildings Construction Corporation Ltd (NBCC) on Friday announced it has signed an agreement with the Mauritius government and Landscope (Mauritius) Ltd. for the construction of New Supreme Court building in Mauritius.  The $35 million (Rs.250 crore) project will be built on project management contract basis, with the targeted completion period of 24 months.  NBCC is a New Delhi-headquartered real estate company, operating mainly across three main real estate segments: project management consultancy (PMC), real estate development and EPC contracting.  Earlier this year, NBCC signed a MoU with the Indian navy to construct Sahara Widows Hostel at Vasant Kunj in New Delhi for Indian Navy under CSR initiative of NBCC.  Many Indian real estate companies have undertaken infrastructure projects in the Middle ...

The Dollar Business Bureau The current fiscal's divestment target of Rs 45,500 crore is likely to be overshot due to strong equity markets. In alignment with PM Narendra Modi's motto of 'less government, more governance', the finance ministry has recently approved stake sale in two more PSUs. A good response to the most recent divestment proposals has emboldened the Centre's hopes of surpassing the set target for revenue from divestments by a few thousand crores. Gains from a better performing stock market have also translated into higher prices for the government's divestment bids. So far, in the current fiscal, the government has sold stake in four PSUs via the Offer for Sale (OFS) route. In April 2016, a 11.36% stake ...

The Dollar Business Bureau In a bid to expand overseas, the state-run construction company National Building Construction Corporation is mulling to foray into Kyrgyzstan and Kazakhstan markets and  is looking out for partners to form joint ventures. NBCC, a Navratna enterprise under the Ministry of Urban Development, ventured into the overseas markets in 1977 and executed projects in Turkey, Botswana, Libya, Nepal, Yemen, Iraq, Maldives and Mauritius. Besides the plan to establish joint ventures in two countries, the plans to bid for two projects in Oman is also on the cards, NBCC MD Anoop Mittal told the media. Al Naba Services LLC, Oman and NBCC had inked an MoU in order to jointly explore and secure infrastructure projects in Oman and other neighbouring nations. NBCC, ...

The Dollar Business Bureau  Malaysia on Thursday proposed to invest $30 billion in urban development and housing projects in India. A 30-member Malaysian delegation, led by Minister of Works Haji Fadillah Bin Haji Yusof, met Minister of Urban Development and Housing M Venkaiah Naidu to discuss investment opportunities in developing and redeveloping urban areas under the Smart City Mission. “Redevelopment of New Delhi Railway Station adjoining area as a mini-smart city is proposed to be taken up with an investment of about $24 billion. CIDB also proposed to take up a Green City Project at Garhmukhteshwar in Uttar Pradesh involving housing and Ganga cleaning projects with an investment of about $4 billion,” Ministry of Urban Development said in a statement. On ...