Has NBCC Signed a Major Pact with Rajasthan for a ₹3,700 Crore Project in Jaipur?
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Synopsis
A significant development in Jaipur as NBCC teams up with RIICO for a ₹3,700 crore infrastructure project. This collaboration aims to enhance Jaipur's status as a global convention hub, featuring the Rajasthan Mandapam and Unity Mall. Exciting times ahead as the project unfolds!
Key Takeaways
- NBCC has signed an MoU with RIICO for a ₹3,700 crore project in Jaipur.
- The project spans 95 acres and includes the Rajasthan Mandapam.
- NBCC will act as the exclusive Executing Agency for the development.
- Completion is targeted within 30 months after approvals.
- The initiative aims to elevate Jaipur's status in global conventions.
New Delhi, Sep 11 (NationPress) The central government-owned construction giant NBCC announced on Thursday that it has entered into a Memorandum of Understanding (MoU) with the Rajasthan State Industrial Development & Investment Corporation Limited (RIICO) to develop infrastructure projects totaling ₹3,700 crore in Jaipur.
The extensive project will occupy 95 acres of valuable land and includes the construction of the renowned Rajasthan Mandapam along with supporting infrastructure projects near the Jaipur International Airport, as stated in a company release.
NBCC will serve as the exclusive Executing Agency for this initiative. The development pact encompasses master planning, architectural design, engineering, construction, and marketing to international standards for the infrastructure.
This ambitious project will feature the Rajasthan Mandapam Convention Centre, Unity Mall, and related commercial and cultural facilities, aiming to position Jaipur as a top-tier destination for global conventions and retail advancements.
RIICO is set to provide an initial interest-free advance of ₹50 crore to NBCC, while the remaining finances will be sourced through the sale and lease of constructed spaces and planned plots. The project is expected to be completed within 30 months, pending all statutory and internal approvals.
The investment for this project, including government financial assistance of up to ₹635 crore for the Rajasthan Mandapam, highlights a commitment to ensure timely, transparent, and accountable project completion, according to the company.
Present at the MoU signing event were Bhajan Lal Sharma, Chief Minister of Rajasthan, Col. Rajyavardhan Singh Rathore, Industry Minister of Rajasthan, Shikhar Agrawal, Additional Chief Secretary to the Chief Minister and RIICO chairman, K.P. Mahadevaswamy, CMD of NBCC, along with other senior officials from both organizations.
NBCC (India) Ltd experienced a notable 26% increase in net profit, rising to ₹132.13 crore during the April-June quarter of the current fiscal year, compared to ₹104.62 crore during the same period last year.
The company’s revenue grew by 11.6% to ₹2,391.19 crore in the same quarter, up from ₹2,142.53 crore in the previous year.
The Navratna Public Sector Enterprise has declared its first interim dividend of ₹0.21 per share for the fiscal year 2025-2026, with the record date for eligible shareholders set as August 13, 2025.
Point of View
The partnership between NBCC and RIICO reflects a strong commitment to infrastructure development in India. This project not only aims to boost Jaipur's economic landscape but also serves as a testament to transparent governance and strategic planning, aligning with the nation’s growth objectives.
NationPress
11/09/2025
Frequently Asked Questions
What is the value of the project signed by NBCC?
The project is valued at ₹3,700 crore.
What will be developed in this project?
The project will include the Rajasthan Mandapam, Unity Mall, and associated commercial and cultural infrastructure.
How long is the project expected to take?
The project is targeted for completion within 30 months, subject to approvals.
Who is financing the project?
RIICO will provide an initial interest-free advance of ₹50 crore, with additional funds raised through the sale and lease of developed spaces.
What are the expected benefits of this project?
The project aims to position Jaipur as a global convention hub and enhance its retail landscape.
