NBCC inks MoU with MoUD for substantial growth in profit -Governance Now

NBCC inks MoU with MoUD for substantial growth in profit

Agreement has laid specific emphasis on capacity utilisation, aiming to complete eight million sq ft of structures during current fiscal

GN Bureau | June 20, 2017

#NBCC #ministry of urban development #profits PSU

National Buildings Construction Corporation (NBCC), a Navratna CPSE, has signed a memorandum of understanding (MoU) for the 2017-18 fiscal with ministry of urban development (MoUD) to fix various targets on performance parametres for the enterprise.

While revenue from operations has been targeted at Rs 6,850 crore, the profit after tax (PAT) has been projected at Rs 261.43 crore (PBT Rs 304.83 crore). The enterprise during the fiscal, aims to secure new works worth Rs 8,600 crore.

Further, this year’s agreement has laid specific emphasis on capacity utilisation, aiming to complete eight million square feet of structures during the fiscal.

Among the milestones targeted to be achieved include completion of 36 towers at the mega redevelopment project of East Kidwai Nagar; demolition of: all 628 existing residential quarters at Nauroji Nagar, 600 existing residential quarters at Sarojini Nagar, and 500 existing residential quarters at Netaji Nagar, New Delhi, which all are part of integrated redevelopment of the three colonies.

That apart, it also targets demolition of 75,000 sqm area out of total 1,26,829 sqm area and construction of works valuing Rs 250 crore in its ITPO Project, Pragati Maidan, New Delhi, during this fiscal.

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