Dubai crisis will not affect NCCL: Murthy
City-based Nagarjuna Construction Company Limited (NCCL) has said that the Dubai debt crisis will not affect it, as the projects it undertook there belonged to Governmental agencies.business Updated: Nov 28, 2009 15:21 IST
City-based Nagarjuna Construction Company Limited (NCCL) has said that the Dubai debt crisis will not affect it, as the projects it undertook there belonged to Governmental agencies.
About 45 per cent of Rs 680 crore-water pipeline project of Dubai electricity and water Authority (DEWA) project was complete. The project belongs to government agency and the present crisis will not affect it, Y D Murthy, Company's Executive Vice-president (finance) told PTI.
On the AED 1.5 billion NCC Harmony project in Dubai, he said the company prior to the crisis decided to go for only one tower instead of the earlier proposed twin towers.
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. The development is located in the heart of New Dubai, Murthy said.
He said that the space in the tower has already been sold and the construction of the second tower will be taken up when the real estate market is settled in Dubai.
NCCL share opened at Rs 155 on Friday and closed at Rs 154.40 in the Bombay stock Exchange.