NBCC Signs MoU With Rajasthan Government For Projects Worth Rs 3,700 Crore

NBCC (India) Ltd. has signed a memorandum of understanding with the Rajasthan State Industrial Development & Investment Corp. for the development of the Rajasthan Mandapam and allied infrastructure projects near Jaipur International Airport, according to an exchange filing on Thursday. The total value of the projects is around Rs 3,700 crore.

"NBCC has signed a Memorandum of Understanding with Rajasthan State Industrial Development & Investment Corporation Limited (RIICO) for the development of the prestigious Rajasthan Mandapam and allied infrastructure projects near Jaipur International Airport, Tonk Road, Jaipur," the filing stated.

The filing added that this agreement marks a milestone in the partnership between the Union government and Rajasthan. The tentative completion date of the project is within 30 months upon receiving statutory and internal approval.

The 95-acre project will feature the Rajasthan Mandapam Convention Centre, Unity Mall and associated commercial and cultural infrastructure, according to the filing.

Moreover, RIICO will provide an initial interest-free advance of Rs 50 crore, while NBCC will mobilise the remaining funds through the sale and lease of built-up spaces and planned plots.

"The project’s investments, including government financial support up to Rs 635 crore for the Rajasthan Mandapam, reflect the commitment to timely, transparent and accountable completion," it said.

A committee will be overseeing the designs and monitoring progress of the project.

Shares of NBCC settled 2.17% higher at 107.81 on the National Stock Exchange before the announcement. The share price has risen 15.99% on a year-to-date basis, and is down 7.04% in the last 12 months.

All the two analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month consensus price targets implies a potential upside of 42.8%.

NBCC (India) Ltd.'s net profit surged 26% during the quarter ended June 30, 2025. The company's bottom line grew to Rs 132.13 crore during the April-June period, compared to Rs 104.62 crore for the same period last year.

The Navratna public sector enterprise declared the first interim dividend of Rs 0.21 per share for the fiscal 2026.