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Govt invites initial bids for NBCC disinvestment

Govt proposes to offload 74% stake to a strategic partner with management control.

business Updated: Oct 23, 2003 16:52 IST

Government on Thursday invited initial bids for privatisation of National Buildings Construction Corporation (NBCC).

Interested parties have been asked to submit expressions of interest by December 8, sources said.

Government would offload majority 74 per cent stake in the company to a strategic partner along with management control.

A consortium of UTI Securities and Capital Fortune have been engaged to act as global advisors.

Government may also undertake restructuring of the company during the process of disinvestment.

NBCC is currently engaged in civil engineering projects, consultancy services and development of real estate projects.

The company has a paid up equity base of Rs 90 crore and preference capital worth Rs 30 crore. Its income was placed at Rs 498 crore last year.

First Published: Oct 23, 2003 16:52 IST