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Naidu asks NBCC to expand, diversify business

venkaiah-naidu

New Delhi: Urban Development Minister M Venkaiah Naidu today asked state-run construction major NBCC to expand and diversify its business profile by forging partnerships with state governments and others agencies.

Naidu was addressing the management of National Buildings Construction Corporation (NBCC), which presented a dividend cheque of Rs 108 crore for 2015-16 to the Minister.

Complimenting the company, which is under the Urban Development Ministry, for sustained increase in turnover and profits over the last few years, Naidu asked the management to expand and diversify its business profile by forging partnerships with state governments and other agencies, a release said.

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 which was recently approved by the Union Cabinet.

NBCC CMD A K Mittal said the company has acquired new project orders for Rs 17,516 crore during 2015-16.

The company has declared a total dividend of Rs 120 crore for 2015-16 of which government’s share was Rs 108 crore.

NBCC has recorded the highest revenue of Rs 5,838 crore during 2015-16, recording an increase of 32 per cent over the previous fiscal.

Profit After Tax during last fiscal was Rs 311 crore, an increase of 12 per cent over 2014-15.

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