State-owned construction and engineering firm NBCC (India) Ltd has announced the incorporation of a wholly-owned subsidiary in Dubai to tap into the emirate’s real estate market. The new entity, named NBCC Overseas Real Estate LLC, has been established in Dubai Mainland, UAE, with the primary objective of undertaking real estate business, including buying and selling properties.
This strategic move aligns with NBCC’s plans to expand its footprint in international markets. The company has received in-principle approval for setting up the subsidiary from the Department of Investment and Public Asset Management (DIPAM) and is currently awaiting RBI-ODI approval.
According to the company’s exchange filing, NBCC Overseas Real Estate LLC will initially focus on the buying and selling of real estate within mainland Dubai.
In related news, NBCC India also announced the successful sale of 446 residential units at its Aspire Silicon City project in Noida through an e-auction, generating a total sales value of approximately ₹1,467.93 crores.
Following this announcement, shares of NBCC (India) Ltd witnessed a surge.
Key Highlights:
- NBCC India has formed a wholly-owned subsidiary, NBCC Overseas Real Estate LLC, in Dubai for real estate activities.
- The subsidiary will focus on buying and selling properties in Dubai Mainland.
- This move marks NBCC’s expansion into the Dubai real estate market.
- NBCC also reported significant sales in its Noida project.