NBCC (India) has emerged as the highest bidder in an e-auction for a commercial tower at Bharat Business Park, Sarojini Nagar, New Delhi. The board of directors approved the proposal for the purchase, which is aimed at self-use, leasing, and investment.
The commercial tower spans approximately 279,989 square feet of super built-up area. The total estimated investment for this acquisition is approximately ₹1,374.45 crores, which includes duties and taxes. The payment for the purchase will be made in stages, linked to the progress of construction, and will adhere to the terms and conditions set out in the e-auction.
The acquisition is contingent upon the completion of necessary formalities and the execution of definitive agreements. This strategic move is expected to enhance NBCC‘s portfolio and provide potential revenue streams through leasing and investment.
Further details on this acquisition can be found on the company’s official website.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).