In a move that would strengthen India’s infrastructure collaboration with the African island nation of Seychelles and expand its worldwide footprint, the state-owned construction company NBCC (India) has been awarded a contract to produce 1,008 affordable housing units.
The Export-Import Bank of India (EXIM Bank) has provided a line of credit of USD 75 million to fund the Île Aurore Housing Project. In addition to strengthening bilateral ties, the project would help meet the growing demand for homes in the Seychelles.
This deal is just one more example of NBCC’s expanding list of global projects in the Middle East, Africa, and elsewhere. Several African countries, as well as the Maldives, Oman, and Mauritius, have had infrastructure and building projects carried out by the Navratna public sector organization.
As part of its goal for long-term expansion, NBCC is aiming to solidify its position in the international construction and project management consultant services market with the Seychelles project.
With the goal of bolstering Seychelles’ housing market, the construction will include 1,008 affordable dwellings. Opportunities have arisen for infrastructure firms skilled in large-scale residential projects due to the growing need for affordable housing in many developing economies.
Industry watchers have pointed out that Indian public sector enterprises benefit from government-backed overseas infrastructure projects since they get access to new markets and help India achieve its economic diplomacy goals.
Image: TST
