New Delhi [India], September 12 : Public sector undertaking, NBCC (India) Limited will develop 13.88-acre land parcel of Mahanagar Telephone Nigam Limited (MTNL) on Pankha Road, New Delhi.
Both public sector companies have signed a memorandum of understanding (MoU) regarding this.
The project valued at Rs 1600 Crore will transform the land parcel into a state-of-the-art residential and commercial space, leveraging the expertise and resources of both organisations, NBCC said in a statement.
NBCC is a Navratna PSU under the Ministry of Housing and Urban Affairs, and will act as the executing and implementing agency for the development of the land parcel.
The building and construction company will handle the master planning, architectural design, and detailed project reports, ensuring compliance with local town planning norms.
The project will be executed in phases over a period of three years from the date of commencement of the project, with a focus on maximizing both residential/ commercial benefits.
MTNL will provide the land, free from encumbrances, and assist with necessary regulatory approvals. NBCC will be responsible for project management, including tendering, construction, and post-construction activities.
NBCC (India) Limited, formerly known as National Buildings Construction Corporation is a public sector undertaking company under the Ministry of Housing and Urban Affairs. While MTNL is a central government undertaking under the Ministry of Communications.
MTNL has a total of forty-one land and building parcels in Delhi. Out of these land and building parcels about 14 venues are vacant, as per a document provided by the company on its website. The other venues of the PSU have either permanent buildings or temporary buildings.
At the time of filing this report, the stocks of MTNL were trading at 5 per cent upper circuit at Rs 56.51. Similarly, the stocks of NBCC rose 2.54 per cent at Rs 180.01 on Thursday.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor