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NBCC to partner Maha govt to develop ‘smart industrial city’ near Navi Mumbai

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State-owned construction company National Buildings Construction Corp (NBCC) on Tuesday said its board has approved the participation of the company in a joint venture with the Maharashtra government and private entity to develop a smart industrial city near Navi Mumbai, according to a regulatory filing.

The project to be developed on a public-private partnership (PPP) model will be located at Pen in Raigad near Navi Mumbai

“In addition to PMC (project management consultancy) business opportunities, the project will generate significant income to NBCC through profit sharing as SPV partner,” the company said in a BSE filing on Tuesday.

“The detailed terms and conditions will be submitted after finalisation among collaborators,” the company added.

The smart city will offer integrated infrastructures along with clean and green environment, to offer best experiences of business, living, learning, recreation and health facilities at reasonable cost.

NBCC India last week reported a 39% increase in its consolidated net profit at Rs 173.87 crore for the quarter ended March.

Total income for the company rose to Rs 2,377 crore in the fourth quarter of financial year 2016-17 from Rs 2,326 crore in the corresponding period of the previous year.

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