NBCC INDIA

nbcc-director-commercial-called-on-ambassador-of-drc

NBCC: Director, Commercial, called on Ambassador of DRC

New Delhi (14.10.2020): Rajendra Chaudhari, Director (Commercial) accompanied by Pradeep Sharma, GM (Business Development), called on Mossi Nyamale Rosette, Ambassador of Democratic Republic of Congo at Congo Embassy, Delhi on Oct 14, 2020, to discuss NBCC’s participation in upcoming infrastructure development works in DRC.

18 Oct 2020
cag-questions-the-strategic-sale-of-one-psu-to-another

CAG questions the strategic sale of one PSU to another

The Comptroller and Auditor General (CAG) has questioned the rationality of the “strategic sale” of one state-owned PSU to another state-owned entity.

During FY 2018-2019, there were four transactions involving the sale of National Projects Construction Company (NPCC) to WAPCOS Corporation, Rural Electrification Corporation (REC) to Power Finance Corporation (PFC), Dredging Corporation (DCIL) to port trusts, and HSCC (India) to NBCC. Similarly, CAG red-flagged the sale of shares held by SUUTI that was treated as disinvestment receipts. SUUTI was carved out to take over shares held by the erstwhile UTI.

Union Cabinet’s objective of ‘strategic sale’ was to minimize the burden of the bulk of ailing companies. Instead of disposing off such burdens, DIPAM resorted to selling one PSU to another. For example, the government had sold HPCL to ONGC.

The auditor in its report, tabled in Parliament, categorically underlined that  “such disinvestments only resulted in the transfer of resources already with the public sector to the government and did not lead to any change in stake of the public sector/government in disinvested PSUs”.

27 Sep 2020
nbcc-director-commercial-called-on-ambassador-of-drc

NBCC: Director, Commercial, called on Ambassador of DRC

By IndianMandarins 18 Oct 2020

New Delhi (14.10.2020): Rajendra Chaudhari, Director (Commercial) accompanied by Pradeep Sharma, GM (Business Development), called on Mossi Nyamale Rosette, Ambassador of Democratic Republic of Congo at Congo Embassy, Delhi on Oct 14, 2020, to discuss NBCC’s participation in upcoming infrastructure development works in DRC.

cag-questions-the-strategic-sale-of-one-psu-to-another

CAG questions the strategic sale of one PSU to another

By IndianMandarins 27 Sep 2020

The Comptroller and Auditor General (CAG) has questioned the rationality of the “strategic sale” of one state-owned PSU to another state-owned entity.

During FY 2018-2019, there were four transactions involving the sale of National Projects Construction Company (NPCC) to WAPCOS Corporation, Rural Electrification Corporation (REC) to Power Finance Corporation (PFC), Dredging Corporation (DCIL) to port trusts, and HSCC (India) to NBCC. Similarly, CAG red-flagged the sale of shares held by SUUTI that was treated as disinvestment receipts. SUUTI was carved out to take over shares held by the erstwhile UTI.

Union Cabinet’s objective of ‘strategic sale’ was to minimize the burden of the bulk of ailing companies. Instead of disposing off such burdens, DIPAM resorted to selling one PSU to another. For example, the government had sold HPCL to ONGC.

The auditor in its report, tabled in Parliament, categorically underlined that  “such disinvestments only resulted in the transfer of resources already with the public sector to the government and did not lead to any change in stake of the public sector/government in disinvested PSUs”.

nbcc-amrapali-project-head-may-get-extension-post-retirement

NBCC: Amrapali Project head may get extension post-retirement

By IndianMandarins 07 Sep 2020

Indianmandarins has reliably learned that RK Aggarwal (ED- Engineering, NBCC) may be given an extension beyond his retirement in November this year. Agrawal has been heading Amrapali Projects.  

The NBCC had previously guaranteed the completion and delivery of 44,000 stalled Amrapali flats, starting from January 2021 and with a targeted deadline of 2023.

Having floated tenders for several stalled (Amrapali) projects and having announced the timeline for completion of various projects NBCC has reportedly decided to write to the Ministry of Housing and Urban Affairs to keep him engaged (on-contract basis) beyond his retirement i.e. 30.11.2020.

He is presently RBG Head (EKN, NMB & AIIMS) at Redevelopment of East Kidwai Nagar Project, New Delhi.

It ay be underlined that the apex court in its 23 July 2019 verdict had cracked its whip on errant builders for breaching the trust reposed by home buyers and ordered the cancellation of the registration of the Amrapali Group under real estate law RERA, and ousted it from prime properties in the NCR by nixing the land leases.

nbcc-services-signed-mou-with-nbcc-india

NBCC Services signed MoU with NBCC India

By IndianMandarins 03 Sep 2020

NBCC Services Ltd. (NSL), on 31 August 2020 has signed MoU with its parent company NBCC (India) Limited for FY 20-21. On behalf of NBCC, PK Gupta (CMD) signed the MoU while Neelesh Shah, Chairman NSL & Director (Projects) of NBCC signed it for NSL.

Mrs Baldev Kaur Sokhey, Director (Finance) NBCC, CEO & CFO NSL were also present on the occasion. The MoU contained business targets of NSL on various parameters for the FY 20-21. 

pm-modi-mauritian-pm-jointly-e-inaugurated-new-supreme-court-building-in-port-louis

PM Modi & Mauritian PM Jointly e-Inaugurated New Supreme Court building in Port-Louis

By IndianMandarins 04 Aug 2020

On July 30' 2020, Prime Minister Narendra Modi and Prime Minister of Mauritius P K Jugnauth jointly E-inaugurated the New Supreme Court Building in Port-Louis (Mauritius); a construction project executed by NBCC (India) Limited.

The 3-story state-of-art building, implemented under the Government of India Grant Assistance, flaunts a modern design and green features with a focus on thermal & sound insulation and high energy efficiency.

Built at a cost of 30 million USD, NBCC completed the project within a scheduled time of 24 months.

justice-rafiq-laid-the-foundation-stone-of-admin-block-of-madhusudan-law-college

Justice Rafiq laid the foundation stone of Admin Block of Madhusudan Law College

By IndianMandarins 09 Jun 2020

Justice Mohd Rafiq, Chief Justice of Odisha High Court, recently laid the foundation stone for the administrative block of Madhusudan Law College, Cuttack,

to be built by NBCC. Dignitaries of High Court and Bar Council; officials of Law College and NBCC were also present on the occasion.

nbcc-observes-anti-terrorism-day

NBCC observes Anti-Terrorism Day

By IndianMandarins 22 May 2020

NBCC India Ltd, a Navratna CPSE, has observed Anti-Terrorism Day on May 21, 2020 at its Delhi office by administering a pledge against terrorism. P K Gupta, CMD; Rajendra Chaudhari, Director (Commercial); Neelesh Shah, Director (Projects) accompanied by other senior executives of NBCC administered the Anti-Terrorism Pledge at its Corporate Office, New Delhi.

further-relief-to-amrapali-homebuyers-sc-nbcc-in-action-even-during-lockdown

Further relief to Amrapali homebuyers: SC & NBCC in action even during lockdown

By IndianMandarins 14 Apr 2020

Supreme Court constituted a committee under the Chairmanship of Ld. Court Receiver, R Venkataramani, on 09.04.2020, gives go-ahead asking NBCC to call tenders for the execution of three more Amrapali Stalled Projects of Noida-Greater Noida namely; Leisure Park Phase I & II; Leisure Park- River View and Kingswood in Smart City comprising 4489 units in all valued at Rs. 1046 cars. 

Earlier on 18 March and 20 March the Court Receiver gave nod to NBCC for tendering and execution of 9 projects of Amrapali in Noida-Greater Noida assuring timely release of funds. These projects included 08 projects in Greater Noida namely; Leisure Valley Villas, Verona, Adarsh Awas Yojna, Golf Homes, Dream Valley Ph 1 Villas and Phase II; Enchante, Terrace Homes and Tropical Garden in Centurian and Project Crystal Homes in Silicon at Noida- all comprising 27223 housing units worth Rs. 5769 Cr.

NBCC has started the process of tendering for all these projects even during the lockdown period with tenders for 07 Projects namely; Golf Homes, Centurian Park, Leisure Valley Villas, Crystal Homes, Dream Valley Phase-1 (Villas), Dream Valley – Enchante and Leisure Valley- Adarsh Awas Yojana, already floated. Tenders for further projects are in the process of floating and will be invited shortly irrespective of lockdown.  

This apart, execution work of 08 Stalled Amrapali Noida-Gr. Noida projects tendered and awarded earlier (7 at Noida and 1 at Greater Noida), comprising a total of 12169 Units and valuing Rs.634 crore, which has been started by the Company and scheduled to be completed in stages in another 12-24 months.

It may be underlined that Supreme Court, about a year ago, asked NBCC to execute two stalled projects, to begin with namely; Eden Park in Noida and Castle in Greater Noida comprising 618 Houses, which NBCC has already completed and handed over as well.

Thus action has been initiated for construction of a total of 44500 houses (including 618 houses already completed) out of about 46500 houses in Amrapali Project providing huge relief to stressed Homebuyers.

While expeditiously acting upon the issue of resolving the homebuyers’ crisis, the learned Court Receiver on behalf of Supreme Court, however, has also called upon the affected homebuyers to promptly deposit all their pending payments with the designated bank account provided by the SC for successful completion of the housing projects.

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