NBCC (India) Limited and Mahanagar Telephone Nigam Limited (MTNL) have entered into a Memorandum of Understanding (MoU) to jointly develop a substantial land parcel in New Delhi.

What Happened: In an exchange filing on Wednesday evening, the construction major informed that the MoU pertains to the development of a 13.88-acre land parcel owned by MTNL on Pankha Road, New Delhi.

The project, estimated to be worth around ₹1,600 crore, seeks to convert the land into a modern residential and commercial space. Both organizations will pool their resources and expertise for this venture.

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Earlier in the month, NBCC had also entered into a strategic partnership with RITES. This alliance aimed to explore and execute a broad spectrum of consultancy, fee-based projects, and engineering, procurement, and construction (EPC) contracts. The latest collaboration with MTNL further strengthens NBCC’s position in the infrastructure development sector.

The company also received positive analyst calls earlier this week. Analysts at Nuvama Institutional Equities have maintained a “hold” rating on the stock, with a target price of ₹198. They attribute this positive outlook to NBCC’s robust order book and strong order inflow.

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