NBCC MAY GO PUBLIC NEXT YR
Written by shail01 on October 7, 2008 – 11:16 am13 views
NATIONAL Building Construction Corporation (NBCC), a mini-ratna public sector undertaking, is planning to float an initial public offering (IPO) next year.
The company, which has recorded a 400% jump in its net profit at Rs 280 crore in 2007-08, plans to raise money from the market to venture into power sector.
“We are planning to raise money from the market. We hope to launch the IPO by the next year as the market is expected to move up in the near future,” NBCC chairman & managing director Arup Roy Choudhary said. Besides its involvement in building and construction activities, NBCC is planning to launch several power projects in various states.
“We are having discussions with several state electricity boards for power projects under joint venture,” Mr Chouhury said. The company is in the process of developing a 1,000-MW power project in Chhattisgarh.
Besides Chhattisgarh, NBCC is having discussions with Karnataka and Jharkhand for setting up power projects.
The company is also diversifying into housing sector and has already taken up housing projects in Delhi and Kolkata. The company’s plan is to construct affordable houses in the national capital region (NCR) in the near future. It also has a overseas plan. “We want to expand out construction activities in the Middle East first,” he said.
Courtesy:- ET dtd:- 4th Oct. 2008
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