Nagarjuna Construction says Dubai crisis will not affect it

Nagarjuna Construction has said the Dubai debt crisis will not affect the company as the projects it has undertaken there belong to government agencies.

The company has been contracted for a Rs 680 crore water pipeline project of the Dubai Electricity and water Authority (DEWA). Its executive vice-president (finance), Y D Murthy, told PTI that about 45 per cent of the project is complete and as the project belongs to a government agency, the present crisis would not affect it.   

On the Rs 1,913 crore NCC Harmony project in Dubai, he said the city-based company prior to the crisis had decided to go for only one tower instead of two as proposed earlier.

The twin tower project NCC Harmony, covering 2.3 million square feet of built-up area at the DuBiotech free-zone, is the first project by the company in Dubai. It is located in the heart of New Dubai, Murthy said.

He said the space in the tower has been sold and the construction of the second tower will be taken up when the real estate market settles down in the Emirate.

NCCL share opened at Rs 155 yesterday and closed at Rs 154.40 in the Bombay stock Exchange (BSE).