Housing and Urban Development Corporation Limited (HUDCO) has inked a Memorandum of Understanding (MoU) with Yamuna Expressway Industrial Development Authority (YEIDA), a Government of Uttar Pradesh Undertaking.
What Happened: The MoU, signed on Wednesday, in New Delhi, marks a partnership to offer long-term financial assistance in the form of loans for various projects on both sides of the Yamuna Expressway undertaken by YEIDA.
HUDCO will also provide a wide array of fee-based consultancy services from concept to commissioning in identified sectors and Project Management Consultancy Services from project conceptualisation to completion, at mutually decided terms.
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HUDCO has been actively involved in similar collaborations in recent times. In July, HUDCO signed an MoU with the Rajasthan government to provide financial backing for housing and urban infrastructure projects in the state. This was followed by another MoU with RITES Limited in August to undertake a comprehensive range of consultancy and fee-based projects.
Earlier this month, HUDCO reported a 25% increase in its net profit for the quarter ended June, reaching ₹557 crore. The company’s total revenue from operations also saw an 18% increase, amounting to ₹2,188 crore.
Price Action: HUDCO’s share price was up 0.42% to close at ₹285.15 on Wednesday.
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