NBCC India has received board's approval for participation of the company in joint venture (JV) with Government of Maharashtra and private entity to develop a Smart Industrial City at Pen, Raigad district near Navi Mumbai in state of Maharashtra on PPP Model.

The smart city will offer state of art integrated infrastructures and Clean, Green & Vibrant environment. It will offer best experiences of business, living, learning, recreation and health facilities at reasonable cost in one place close to financial capital of country.

In addition to PMC business opportunities, the project will generate significant income to NBCC through profit sharing as SPV Partner. The detailed terms and conditions will be submitted after finalization among collaborators.

Shares of the company gained Rs 1.8, or 0.93%, to trade at Rs 196.15. The total volume of shares traded was 118,732 at the BSE (2.21 p.m., Tuesday).