Pragati Maidan to get facelift, NBCC bags the order worth Rs 2149 cr

PSU construction major National Buildings Construction Corporation (NBCC) has bagged a big order of worth Rs 2149 crore from India Trade Promotion Organisation (ITPO). This order is for the redevelopment of coveted trade fair venue Pragati Maidan situated in New Delhi. As per the order NBCC will construct an integrated exhibition cum convention centre (IECC).

As per NBCC official, company is going to develop more than 3.26 lakh sq.mtr of built up area, in which 1.194 sq. mte will be used to construct exhibition space and convention centre with a seating capacity of 7000 pax. In this a plenary hall with seating capacity of 3000 pax and functional hall with a seating capacity of 4000 pax will be created. Also in the phase 1 various other facilities like meeting halls, lounges, services and parking space for around 4800 vehicles will be created.

Riding high on the news, NBCC stock gained more than 4% in the intraday trade and was trading at 975 at noon, Sources from the company told DSIJ that company is going to receive around 6-7% revenue in the form of project consultancy charges and work will start after September 2016. Importantly company has also recently bagged at Rs 294.8 crore order to construct building of  IIT Mandi.