NBCC plans to invest Rs 5 billion to acquire majority stake in two PSUs

NBCC is also considering developing real estate projects on lands of sick public sector undertaking or loss making PSUs or that available with the government, mainly on self revenue generation model

State-owned construction firm NBCC plans to invest about Rs 5 billion to acquire majority stake in two loss-making public sector firms, an official said on Friday.
 
“We are gradually moving towards consolidation in the construction business. As a part of the strategy, we acquired loss-making HSCL. We will be completing the acquisition of two more PSUs by the second quarter of this fiscal,” said Anoop Kumar Mittal, chairman and managing director, NBCC.
 
He added that the company would make the said investment from internal accruals.
 
Last year the company acquired 51 per cent stake in HSCL with