NBCC looking to purchase more distressed realty assets
State-run construction major NBCC is open to acquiring more distressed assets in the real estate sector, provided there are no corporate governance issues, chairman Anoop Kumar Mittal has said. NBCC has already bid for JaypeeInfratech, which is being resolved through the corporate insolvency process.
“There are a few other projects where we have been approached. We are examining the commercial viability but we won’t take up projects where there are corporate governance issues,” Mittal said, refusing to name the projects the firm is interested in.
NBCC has been directed by the Supreme Court to complete the stalled projects of Amrapali Group on the project management consultancy (PMC) model. After surveying all the projects of the group, the developer had informed the court that it would require Rs 8,500 crore to complete them.
According to an executive aware of the developments, some banks have approached the state-run firm to take over assets of companies whose promoters are unable to service their loans.