NBCC India Signs $75 Million Contract to Build 1,008 Affordable Homes in Seychelles
Key Takeaways
- •NBCC (India) Limited has signed a formal contract worth roughly $75 million to build 1,008 affordable homes with supporting infrastructure in Seychelles.
- •The housing project is funded by India's EXIM Bank as part of its overseas development assistance and concessional financing programme.
- •NBCC is a Navratna Central Public Sector Enterprise under India's Ministry of Housing and Urban Affairs, with expertise in project management consultancy and EPC contracts.
- •The agreement reinforces the bilateral development partnership between India and Seychelles, aligning with India's SAGAR vision for regional cooperation in the Indian Ocean.
- •The project responds to an identified need for affordable residential infrastructure on the island nation of Seychelles.
NBCC India Signs $75 Million Contract to Build 1,008 Affordable Homes in Seychelles
State-run construction firm NBCC (India) Limited has signed a formal agreement worth approximately $75 million to develop over 1,000 affordable housing units in Seychelles. The contract formalises an earlier letter of intent and entrusts the company with building 1,008 affordable homes along with associated infrastructure.
The project is funded by India's EXIM Bank as part of its overseas development assistance programme. EXIM Bank, the Export-Import Bank of India, operates under the Government of India to provide financial support for Indian exports and to extend lines of credit to partner nations for infrastructure and development initiatives. India has previously extended multiple lines of credit to Seychelles covering sectors such as infrastructure, technology, and capacity building, reflecting a broader development partnership model that uses concessional financing to support projects in partner countries.
NBCC, formerly known as National Buildings Construction Corporation, is a Navratna Central Public Sector Enterprise (CPSE) under the Ministry of Housing and Urban Affairs. The company is headquartered in New Delhi and is listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). NBCC's core business activities include project management consultancy, engineering procurement and construction (EPC), and real estate development, with a significant portfolio of domestic and international government projects.
Seychelles, an archipelagic nation in the Indian Ocean, has maintained longstanding bilateral cooperation with India across areas including defence, infrastructure, and capacity building. The relationship aligns with India's stated "SAGAR" (Security and Growth for All in the Region) vision for the Indian Ocean, which emphasises deepening economic and security cooperation with maritime neighbours. For Seychelles, the housing project addresses a documented need for affordable residential infrastructure on the island nation.
Source: CNBC-TV18
