NBCC (India) Ltd shares gained more than 2% on Friday after the company announced that it has signed a Memorandum of Understanding (MoU) with Rajasthan State Industrial Development & Investment Corporation Limited (RIICO) for a landmark project in Jaipur. The agreement, valued at around ₹3,700 crore, focuses on developing the Rajasthan Mandapam Convention Center and allied infrastructure near Jaipur International Airport on Tonk Road.
The MoU signing ceremony in Jaipur was attended by key dignitaries, including Rajasthan Chief Minister Shri Bhajan Lal Sharma, Industry Minister Col. Rajyavardhan Singh Rathore, Chief Secretary Shri Sudhansh Pant, and RIICO Chairman Shri Shikhar Agrawal. NBCC was represented by its Chairman and Managing Director Shri K.P. Mahadevaswamy and Director (Commercial) Dr. Suman Kumar, along with senior officials.
As the exclusive executing agency, NBCC will develop a 95-acre prime land parcel into a world-class hub featuring the Rajasthan Mandapam Convention Center, Unity Mall, and other commercial and cultural infrastructure. The project aims to position Jaipur as a premier international convention and retail destination.
RIICO will extend an initial interest-free advance of ₹50 crore to kickstart the project. NBCC will finance the remaining investment through the sale and lease of developed plots and spaces, with the option to tap public financial institutions if needed. The Government of India has also committed up to ₹635 crore towards the Rajasthan Mandapam, ensuring timely execution.
