Nagarjuna Construction updates on developments in its subsidiary NCC Urban Infrastructure Ltd

Nagarjuna Construction Company Ltd has announced that the developments connected with NCC Urban Infrastructure Ltd, (NCCUIL) which is a subsidiary of the Company. The Company has been developing Real Estate Projects as a division of the Company. Looking to the phenomenal potential for Real Estate development and also to have a focused approach to Real Estate business, NCCUIL has been formed in the year 2005-06. NCC is holding 80% of the equity of NCCUIL and the balance is held by the promoters of the Company. NCCUIL will act as nodal agency for Real Estate development both commercial and residential of the group. The Company has a land bank of 132 acres located in the cities of Bangalore, Chennai and Hyderabad. This land bank will be developed by NCCUIL in addition to the lands acquired / to be required by NCCUIL. NCCUIL is planning for a sustainable business model for development of Real Estate on a regular basis with an optimum land bank held at any point of time.

Further the Company has informed that, the Company has also floated in the year 2005-06 a subsidiary viz. NCC Infrastructure Holdings Ltd, (NCCIHL) which is expected to focus on long term infrastructure development in the areas of Roads, Hydro Power, Airports and Seaports. NCCIHL is at present developing six infrastructure projects comprising of four road projects and two Hydro Power Projects.

Source : Equity Bulls

Keywords