New Delhi: NBCC, a Navratna CPSE under the Ministry of Urban Development (MoUD), Govt. of India, has signed Memorandum of Understanding (MoU) for the FY 2016-17 with its Ministry today. The annual MoU has been signed by Rajiv Gauba, IAS, Secretary (UD), Govt. of India, on behalf of the MoUD and Dr. Anoop. K. Mittal, CMD, NBCC, on behalf of NBCC.
The signed MoU outlines certain performance targets for the Company based on various financial parameters, dynamic parameters, sector specific and enterprise specific parameters. While sales turnover has been fixed at Rs.6500 Crore, profit has been targeted at Rs.445 crore.
The Company during the year, aims to secure new works worth Rs.7500 Crore. Further, this year’s MoU has laid specific emphasis on adoption of New Technologies for implementation of the Company’s upcoming projects. These technologies include: Monolithic Concrete Construction System using Aluminium Formwork; Industrialized 3-S System using Cellular Light Weight Concrete Slabs & Precast Columns (Pre-cast/Prefab); Monolithic Concrete Construction System using Plastic Aluminium Formwork; Composite Steel Structures.
It may be mentioned that NBCC’s performance during FY 2015-16 remained excellent as it registered a substantial 21% Growth in CAGR by achieving turnover of Rs.5749 crore against targeted turnover of Rs.4600 crore.
Talking to the Media, during MoU signing, Dr. A.K. Mittal, CMD of the Company gave an encouraging outlook of the Company for FY 2016-17 and beyond. He informs that the Govt. has very recently awarded three huge redevelopment projects to NBCC valued at approximately Rs.25000 crore. This, alongwith already secured redevelopment projects and the projects under various schemes of the Govt. at Centre, have opened up immense future opportunities for NBCC. Dr. Mittal expressed confidence that from FY2016-17 onwards, NBCC would be in a position to consistently register a 25% Growth in CAGR.