NBCC Signs MoU with RIICO for projects valued Rs 3,700 Crore

NBCC has officially signed a Memorandum of Understanding with Rajasthan State Industrial Development & Investment Corporation Limited (RIICO) for the development of the prestigious Rajasthan Mandapam and allied infrastructure projects near Jaipur International Airport, Tonk Road, Jaipur. The project, valued at approximately Rs. 3,700 crore, marks a major milestone in the partnership between the Government of India and the Government of Rajasthan.

 

The MoU signing ceremony in Jaipur was graced by distinguished dignitaries, including Shri Bhajan Lal Sharma, Hon’ble Chief Minister of Rajasthan, Col. Rajyavardhan Singh Rathore, Hon’ble Industry Minister of Rajasthan, Shri Sudhansh Pant, Chief Secretary, Government of Rajasthan, Shri Shikhar Agrawal, Additional Chief Secretary to Chief Minister and RIICO chairman and Shri K.P. Mahadevaswamy, CMD, NBCC; Dr.Suman Kumar, Director (Commercial) & other senior officers from both the organisations. This high-profile event underscores the project’s strategic importance to the region’s economic and cultural growth.

 

NBCC (India) Limited, appointed as the exclusive Executing Agency, will lead the transformation of a 95-acre prime land parcel through master planning, architectural design, engineering, construction and international-standard marketing. The project will feature the Rajasthan Mandapam Convention Center, Unity Mall and associated commercial and cultural infrastructure, positioning Jaipur as a premier destination for global conventions and retail innovation.

 

RIICO will provide NBCC an initial interest-free advance of Rs. 50 crore, while NBCC will mobilize the remaining funds through the sale and lease of built-up spaces and planned plots. NBCC will implement a robust, self-financing model and leverage public financial institutions when required for uninterrupted work.

 

The project’s investments, including government financial support up to Rs.635 crore for the Rajasthan Mandapam, reflect the commitment to timely, transparent and accountable completion. A joint Empowered Committee will monitor progress, designs and milestones, ensuring rigorous oversight and quality.

The project is targeted for completion within 30 months upon receipt of statutory and internal approval.