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.

Comments

 

Other News

‘Pandemic added to loneliness, isolation among elderly’

HelpAge India Report 2021, ‘The Silent Tormentor: Covid 19 & the Elderly’, assesses the impact and challenges of the pandemic on lives of elderly living in households (informal settings) and old-age homes (informal settings). It unravels some deep-seated fears of the country’s elderly

“BMC to continue Mumbai Model in future”

To reduce the gap between citizens and authorities BMC will continue its ward war room approach which has now come to be known as the Mumbai Model for addressing health or disaster related issues that may arise in future. Additional Municipal Commissioner (Health, MCGM) Suresh Kakani has sa

Centre increases Kerala`s grant to ensure tap water supply to every home

 The centre government has increased the grant to Kerala under the Jal Jeevan Mission in the year 2021-22 to Rs 1,804.59 Crore, which was Rs 404.24 Crore in 2020-21.  In Kerala, on 15th August 2019, at the time of the launch of J

Smart Enforcement App for Trucks to reduce logistics costs

On average, a truck in India covers 50,000-60,000 km a year, compared to over 300,000 km in advanced nations such as the United States. One of the key reasons is delays due to random stoppages for physical checking of vehicles and verification of documents. 

Drone survey mandatory for all National Highways Projects

The National Highways Authority of India has made mandatory use of drones for monthly video recording of National Highway projects during all stages of development, construction, operation and maintenance. The initiative aims to enhance transparency, uniformity leveraging the l

NCPEDP announces fellowship for sepcially-abled

The National Centre for Promotion of Employment for Disabled People (NCPEDP), a cross-disability advocacy organisation, in collaboration with Azim Premji Foundation, has announce

Visionary Talk with Avinash Pandey, CEO ABP News Network on News Broadcast - Issues & Its Future



Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter