Thursday, July 18, 2024
HomeNewsIndustry NewsNBCC Secures Rs 70 Crore Contract from Grid-India for Interior Works

NBCC Secures Rs 70 Crore Contract from Grid-India for Interior Works

New Delhi State Owned NBCC (India) Ltd has announced a significant achievement by securing a Rs 70 crore contract from Grid Controller of India Ltd (Grid-India). This contract involves the execution of interior, fit outs, and other associated infrastructure works for Grid-India’s new corporate office located at Ayurvigyan Nagar, New Delhi.

The memorandum of understanding (MoU) for this project was signed between Alok Kumar, Senior General Manager of Grid-India, and Mudit Bhatnagar, Chief General Manager (Engineering) of NBCC. The signing ceremony was attended by key officials including S R Narasimhan, Chairman and Managing Director of Grid-India, and K P Mahadevaswamy, Chairman and Managing Director of NBCC, along with other senior representatives from both organizations.

In their statement, NBCC highlighted that the tentative value of the works to be executed under this MoU is approximately Rs 70 crore. This project is an extension of a previous transaction where Grid-India purchased a 61,000 square feet office space from NBCC for around Rs 270 crore. The new office, designated for “National Load Dispatch”, will now be furnished and fitted out by NBCC, further cementing the collaborative relationship between the two entities.

NBCC is renowned for its expertise in project management consultancy (PMC) and its ventures in the real estate sector. This new project not only underscores NBCC’s pivotal role in significant infrastructural developments but also highlights its capability to deliver high-quality interior and infrastructure works.

The collaboration with Grid-India marks another milestone for NBCC, which has consistently been involved in various prestigious projects across the country. The company’s diverse portfolio includes residential and commercial buildings, hospitals, educational institutions, and infrastructure projects, showcasing its versatility and commitment to excellence.

Despite this positive development, NBCC’s shares saw a slight dip, closing at Rs 158.15 on the NSE, a 0.85% decline from the previous close of Rs 159.50. Market analysts believe this dip could be attributed to broader market conditions rather than the company’s performance or prospects.

The deal with Grid-India is expected to bolster NBCC’s order book and contribute positively to its financial performance in the coming quarters. Stakeholders and industry observers are keenly watching NBCC’s execution of this project, which could pave the way for more such collaborations in the future.

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