NBCC receives Rs 15,000-crore order to develop satellite township in Srinagar

The NBCC India a public sector enterprise received an order of Rs 15,000 crore on Friday to develop a township in Srinagar, Jammu & Kashmir.  According to the company, the project involves the development of a Satellite Township spread over 406 acres in Rakh-e-Gund Akshah, Bemina, located in Srinagar, Jammu and Kashmir.

The Srinagar Development Authority has given the order to NBCC intending to enhance urban infrastructure and living conditions in the region. "Intimation of work orders received by NBCC in the normal course of business, amounting to Rs. 15,000 crores. Development of Satellite Township spread over 406 acres at Rakh-e-Gund Akshah, Bemina, Srinagar (J&K)" said the NBCC in an official statement.

The particular project is expected to create numerous job opportunities and stimulate economic growth in the area, aligning with the government's vision for regional development. The shares of the company stand at Rs 182.81, up over 8 percent at the time of filing this report. The NBCC share has surged more than 275 percent over the last year.

NBCC (India) Limited, formerly known as National Buildings Construction Corporation Limited, is a Government of India Navratna Enterprise that provides construction services. The company was incorporated in 1960 as a private limited company and became a public limited company in 2011. NBCC is a central public sector enterprise under the Ministry of Housing and Urban Affairs. 

The company has operations across India and overseas and is organized into three segments: Project Management Consultancy (PMC), Engineering Procurement & Construction (EPC), and Real Estate.