NBCC inks pact with Rajasthan govt for Rs 3,700 crore project in Jaipur

New Delhi, Sep 11 Central government-owned construction major NBCC announced on Thursday that it has signed an MoU with Rajasthan State Industrial Development & Investment Corporation Limited (RIICO) for the development of infrastructure projects worth Rs. 3,700 crore in Jaipur.

The project stretching across 95 acres of prime land includes the development of the prestigious Rajasthan Mandapam and allied infrastructure projects near Jaipur International Airport, according to a company statement.

NBCC has been appointed as the exclusive Executing Agency. The development agreement covers master planning, architectural design, engineering, construction and international-standard marketing of the infrastructure.

The project will feature the Rajasthan Mandapam Convention Centre, Unity Mall and associated commercial and cultural infrastructure, positioning Jaipur as a premier destination for global conventions and retail innovation.

RIICO will provide NBCC an initial interest-free advance of Rs. 50 crore, while the remaining funds will be mobilised through the sale and lease of built-up spaces and planned plots. The project is targeted for completion within 30 months upon receipt of statutory and internal approval.

"The project’s investments, including government financial support up to Rs. 635 crore for the Rajasthan Mandapam, reflect the commitment to timely, transparent and accountable completion," according to the company statement.

Bhajan Lal Sharma, Chief Minister of Rajasthan, Col. Rajyavardhan Singh Rathore, Industry Minister of Rajasthan, Shikhar Agrawal, Additional Chief Secretary to the Chief Minister and RIICO chairman, K.P. Mahadevaswamy, CMD, NBCC, and other senior officers from both organisations were present at the MoU signing ceremony.

NBCC (India) Ltd posted a robust 26 per cent jump in net profit to Rs 132.13 crore during the April-June quarter of the current financial year compared to the corresponding figure of Rs 104.62 crore for the same period last year.

The company’s revenue went up by 11.6 per cent to Rs 2,391.19 crore during the quarter from Rs 2,142.53 crore in the same period of the previous year.

The Navratna Public Sector Enterprise declared its first interim dividend of Rs 0.21 per share for the fiscal year 2025-2026. The record date for determining the eligible shareholders is set as August 13, 2025.

--IANS

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