NBCC surges ahead on signing MoU in Andhra Pradesh

NBCC Ltd., the state-owned real estate company, stated that, on Friday, it signed MoU with Andhra Government under its project management consultancy business.
 
The company submitted a press release on stock exchanges, which said that it has signed a Memorandum of Understanding (MoU) with the Government of Andhra Pradesh (AP). Under this MoU, the Andhra government has retained NBCC as Project Management Consultancy for monetization of their vacant land parcels across the state and also implementing the Flagship Programmes of the Andhra government, including infrastructure works across the state, utilizing the funds that have been generated out of commercial exploitation of the land.
 
The company commented on the Amrapali case in a separate stock exchange filing. It is informed that the Hon'ble Supreme Court of India has appointed NBCC to develop Amrapali projects and fixed the project management fees at 8 per cent.
 
NBCC is a public sector enterprise, engaged in the business of civil infrastructure project management consultancy for the power sector and real estate development.
 
At 2.15 stock traded at Rs. 36.95, down by 0.94 per cent on BSE.