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State-owned NBCC (India) Ltdon Thursday said it has signed a Memorandum of Understanding (MoU) with Rajasthan State Industrial Development and Investment Corporation (RIICO) for infrastructure projects worth around ₹3,700
crore near Jaipur International Airport.
The partnership, unveiled in Jaipur, involves the development of the Rajasthan Mandapam Convention Centre, Unity Mall and allied commercial and cultural infrastructure on a 95-acre land parcel along Tonk Road.
The project aims to transform Jaipur into a premier destination for global conventions and retail activity, blending world-class design with the city’s cultural heritage.
The MoU signing ceremony was attended by Rajasthan Chief Minister Bhajan Lal Sharma,
Industry Minister Col. Rajyavardhan Singh Rathore, Chief Secretary Sudhansh Pant, Additional Chief Secretary to the CM and RIICO Chairman Shikhar Agrawal, NBCC Chairman and Managing Director K.P. Mahadevaswamy and other senior officials.
As the exclusive executing agency, NBCC will oversee master planning, architectural design, engineering, construction and international-standard marketing. The project will follow a self-financing model. RIICO will provide NBCC with an initial interest-free advance of ₹50 crore, while further
mobilisation will be achieved through the sale and lease of built-up spaces and plots. NBCC may also leverage public financial institutions to ensure smooth funding.
Government financial support of up to ₹635 crore has been earmarked for the Rajasthan Mandapam, underscoring the strategic significance of the initiative.
A joint empowered committee will monitor progress and quality, ensuring timely delivery. The project is targeted for completion within 30 months of statutory and internal approvals.
NBCC said the development reflects a strong partnership between the Government of India and the Government of Rajasthan, and will contribute to economic growth, cultural promotion and job creation in the region.
Shares of NBCC closed 2.49 per cent higher at ₹108.15 apiece on the NSE on Thursday, ahead of the announcement.
The partnership, unveiled in Jaipur, involves the development of the Rajasthan Mandapam Convention Centre, Unity Mall and allied commercial and cultural infrastructure on a 95-acre land parcel along Tonk Road.
The project aims to transform Jaipur into a premier destination for global conventions and retail activity, blending world-class design with the city’s cultural heritage.
The MoU signing ceremony was attended by Rajasthan Chief Minister Bhajan Lal Sharma,
As the exclusive executing agency, NBCC will oversee master planning, architectural design, engineering, construction and international-standard marketing. The project will follow a self-financing model. RIICO will provide NBCC with an initial interest-free advance of ₹50 crore, while further
Government financial support of up to ₹635 crore has been earmarked for the Rajasthan Mandapam, underscoring the strategic significance of the initiative.
A joint empowered committee will monitor progress and quality, ensuring timely delivery. The project is targeted for completion within 30 months of statutory and internal approvals.
NBCC said the development reflects a strong partnership between the Government of India and the Government of Rajasthan, and will contribute to economic growth, cultural promotion and job creation in the region.
Shares of NBCC closed 2.49 per cent higher at ₹108.15 apiece on the NSE on Thursday, ahead of the announcement.
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