NBCC signs MoU with Mumbai Port Authority for Development of CGO Complex

New Delhi: State-owned NBCC (India) Limited has signed a Memorandum of Understanding (MoU) with the Board of Mumbai Port Authority for the development of a Central Government Office (CGO) Complex on Mumbai Port land, the company said in a regulatory filing on Tuesday. The MoU has been signed on December 23, in New Delhi.

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Under the agreement, NBCC will undertake the project as a deposit work on a turnkey basis and act as the Project Management Consultant. The proposed CGO Complex will be developed on around 25 acres of land belonging to the Mumbai Port Authority.

The MoU follows an in-principle approval granted by Mumbai Port Trust on November 26, appointing NBCC as the executing agency for planning, designing, execution and supervision of multiple infrastructure projects. These include the CGO Complex, an iconic building, a multi-level car parking facility, an international convention centre, as well as maintenance of buildings, sheds, wharfs, storage areas and roads.

As per the approval, NBCC will be entitled to an agency charge of 7 percent of the project cost, excluding GST, for the execution of the works.

NBCC is an Navratna PSU under the Ministry of Housing and Urban Affairs (MoHUA) and is mainly into the PMC and real estate business.

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