NBCC to float NBFC to finance growing business -Governance Now

NBCC to float NBFC to finance growing business

The company has acquired new project orders for Rs.17,516 crore during 2015-16

GN Bureau | October 6, 2016

#NBCC #Urban Development #NBFC

Minister of Urban Development M.Venkaiah Naidu on Thursday asked the management of NBCC to further expand and diversify its business profile by forging partnerships with state governments and other agencies.

He welcomed NBCC’s initiative for setting up a Non-Banking Finance Company. The minister also directed the management to immediately initiate action on seven redevelopment projects in Delhi entailing an investment of about Rs.35,000 crore.

National Buildings Construction Corporation (NBCC) presented a dividend cheque of Rs.108 crore for 2015-16 to Naidu.

A.K.Mittal, chairman and managing director of NBCC, said that among various initiatives under consideration, the company is keen to float a Non-Banking Finance Company (NBFC) to finance growing business.

He said that the company has acquired new project orders for Rs.17,516 crore during 2015-16 and with total work orders of over Rs.70,000 crore, NBCC is the second largest construction company in the country. The company has declared a total dividend of Rs.120 crore for 2015-16.

NBCC has recorded the highest revenue of Rs.5,838 crore during 2015-16, marking an increase of 32 percent over the previous fiscal. Profit After Tax during last fiscal was Rs.311 crore registering an increase of 12 percent over 2014-15. Market capitalization has increased from Rs.1,706 crore in April, 2013 to Rs.16,836 crore in October this year, Mittal said.

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