In an exchange filing, the company said, “A MoU has been signed between NBCC (India) and MTNL to collaborate to develop a prominent land parcel of MTNL measuring approximately 13.88 acres located on Pankha Road, New Delhi.”
The project is valued at Rs 1,600 crore approximately and it aims to transform the land into a state of the art residential/commercial space, leveraging the expertise and resources of both organizations, it added.
Mahanagar Telephone Nigam is engaged in providing telecom services in the geographical area of Mumbai and Delhi.
NBCC (India) is in business of operates into three major segments namely project management consultancy, real estate and engineering procurement & construction.
Shares of NBCC (India) gained 2.53% to Rs 180.20 while those of MTNL rallied 4.98% to Rs 56.47 on the BSE.