mauritius: NBCC to develop 100,000 sq ft residential area in Mauritius

mauritius: NBCC to develop 100,000 sq ft residential area in Mauritius

State-run will invest Rs 74.62 crore in developing a 100,000 sq ft residential area in Mauritius, a senior official told ET.

The company plans to monetise the land parcel that it had acquired from Air India a few years ago.

“We have planned to construct 42 high-end residential units on it and are in the process of obtaining necessary approval. We have done projects on foreign soil before this and this will be a good revenue opportunity for us,” said the official, who did not wish to be identified.

In 2011-12, the government had prepared a turnaround plan for Air India and had mandated it to sell properties worth Rs 500 crore every year.

“The Mauritius land was in a prime area and we had signed an agreement with the Mauritius government at that time to develop a social housing project worth Rs 150 crore. The acquisition of land made sense and we now feel it’s the right time for monetisation,” said the official.

Three years ago, the national carrier had put on the block as many as 111 properties with a cumulative price tag of Rs 9,500 crore, hoping to monetise assets to reduce its mounting debt.

It has found success overseas, with the sale of properties in Tokyo, Hong Kong, London and Mauritius.

An office space in London was sold for Rs 45 crore while flats in Tokyo and Hong Kong were sold to India’s Ministry of External Affairs.

NBCC is currently executing various iconic projects such as academic buildings of central and state universities, IITs and IIMs across the country.

It reported a turnover of Rs 932.24 crore for the April-June quarter, a 115.21% jump over Rs 433.17 crore turnover recorded a year ago.

Recently, the company inked a memorandum of understanding with IIT Madras for construction of a laboratory at its Thaiyur campus.

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