NBCC to take over the real estate owned by the sick PSUs
The government is considering a proposal to sell off the real estate owned by the sick public sector companies in Mumbai, Kolkata, Pune and Ahmedabad to state-owned National Buildings and Construction Corporation (NBCC Ltd). The government wants to sell off the housing dwellings owned by these loss making units before selling off the chronically loss-making entities.
Senior government officials stated that NBCC, which is developing real estate in the national capital, has shown interest in prime plots owned by companies such as Bengal Chemicals, National Bicycle Corporation and Richardson & Cruddas in Mumbai’s Worli and Byculla.
Similarly, in Kolkata, the company is looking at land owned by NJMC (National Jute Manufacturers Ltd) as well as state-government entities such as Lilly Biscuits and West Bengal Warehousing Corporation.
Anoop Kumar Mittal the Chairman cum Managing Director of NBCC Ltd confirmed that his company has written to the disinvestment department and the Board for Reconstruction of Public Enterprises. NBCC Ltd is interested to enter into a partnership with some of the loss-making PSUs.
Mittal also mentioned that the company’s interest goes beyond metros as they also want to look at tier-II cities. Separately, the company has initiated a dialogue with some of the companies to develop land. NBCC has suggested various models, including direct sale of land and even joint ventures for the development of real estate.
Source- The Economic Times
Arun Jaitley, Bengal Chemicals National Bicycle Corporation, PSUs' real estate, Richardson & Cruddas, West Bengal Warehousing Corporation
