Shares of NBCC (India) Ltd were trading in the green and 2% higher on 12 September after the company announced securing infrastructure development projects near Jaipur International Airport.

In its regulatory filing, the company said, “NBCC has signed a Memorandum of Understanding (MOU) with Rajasthan State Industrial Development & Investment Corporation Limited (RIICO) for the development of the prestigious Rajasthan Mandapam and allied infrastructure projects near Jaipur International Airport, Tonk Road, Jaipur.” 

The project is estimated to cost around Rs 3,700 crore and is expected to be completed within 30 months of receiving legislative and internal approval.

The company designated as the exclusive executing agency will oversee the transformation of a 95-acre prime land piece, including master planning, architectural design, engineering, construction, and international-standard marketing.

RIICO would offer NBCC with an initial interest-free advance of Rs 50 crore, with the remainder raised through the sale and leasing of built-up spaces and planned plots.

Earlier, on 9 September, NBCC (India) and the Nagpur Metropolitan Region Development Authority (NMRDA) signed a MoU for the development of Naveen Nagpur, which covers around 1,710 acres.

However, at 12:14 pm, the shares of NBCC shed all their early gains and were trading 0.54% lower at Rs 107.23 on NSE.

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