By Accommodation Times Bureau
The construction company National Buildings Construction Corp (NBCC) has sanctioned the participation with the Maharashtra government and private entity to develop a smart industrial city beside Navi Mumbai, according to a regulatory filing. NBCC declared in New Delhi on Tuesday.
The project planned on the public- private partnership will have to be developed at Pen inRaigad near Navi Mumbai. “The detailed terms and conditions will be submitted after finalisation among collaborators,” the company said .
“In addition to PMC (project management consultancy) business opportunities, the project will generate significant income to NBCC through profit sharing as SPV partner,” the company added in a BSE filing on Tuesday.
The development of the smart city will extend integrated infrastructure, clean-green environment which will enhance the better opportunities in business, living, learning, health and education sectors in sensible rates.
NBCC India reported a 39% increase in its consolidated net profit at Rs 173.87 crore last week, for the first quarter of 2017.
Total income for the company hiked to Rs 2,377 crore in the fourth quarter of financial year 2016-17 from Rs 2,326 crore in the corresponding period of the previous year.