NBCC inks JV for smart city projects

NBCC has recently inked a memorandum of understanding (MoU) with Russia-based firm Rosinformexport LLC, to jointly participate and build the smart city projects across the country. Chairman, NBCC, Anoop Kumar Mittal said that the partnership with the Russian company will fetch score of world-class smart city and railway projects to its fold. There is synergy between NBCC and Rosinformexport as it is also a state-owned company and on NBCC's project management consultancy (PMC) orders, the firm usually gets 7-10 percent margins and some of the pending milestone payments were released for PMC business in the last quarter, which resulted in pushing its returns to new highs.