NBCC to set up NBFC to finance growing business

State-owned construction company National Buildings Construction Corp (NBCC) on Thursday said it will set up a non-banking finance company (NBFC) to finance growing business.

AKMittal, 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 cr 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.

Minister of Urban Development Shri M.Venkaiah Naidu welcomed NBCC’s initiative for setting up a NBFC. 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, recently approved by the Union Cabinet.

Naidu asked NBCC to further expand and diversify its business profile by establishing its partnerships with State Governments and other agencies.

NBCC presented a dividend cheque of Rs 108 crore for 2015-16 to the Government on Thursday.