New Delhi: NBCC (India) Limited has signed a Memorandum of Understanding (MoU) with the Department of Posts, Government of India, for the redevelopment of various land parcels across the country, the company informed in a regulatory filing on July 31.
As per the agreement, NBCC will undertake the projects under its self-sustainable redevelopment model. The company will act as the Project Management and Marketing Consultant, responsible for optimising monetization and execution of the redevelopment initiatives.
The value of individual projects under the MoU will be determined and communicated on a case-to-case basis. The initiative is aimed at effective utilization and transformation of postal department land assets, in line with the government’s broader push for asset monetization.
NBCC stated that the MoU is part of its normal course of business. Further details will be made available through the company’s official announcements page.
NBCC (India) Limited is a Navratna PSU under the Ministry of Housing and Urban Affairs and has a proven track record in redevelopment, infrastructure development, and real estate across India.
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