State-run National Buildings Construction Corporation (NBCC), which made a weak debut on both the bourses today, is looking for opportunities in the overseas markets for expansion, a top company official said.
"We have the necessary expertise in all the areas we are catering to. We have already done few projects abroad in the past and we will continue to look at opportunities in the international market," NBCC chairman and managing director Vishnu P Das told reporters.
The company is currently working on a police academy, renovation of the Indira Gandhi Memorial Hospital and another hospital in Male, part of project management consultancy projects in Maldives.
NBCC has given the construction contract to RPP Selvam, a Chennai-based construction company for the Maldives projects.
"We will be bidding for two more projects in Maldives," he said, without detailing the nature of the projects.
In the past, NBCC has done projects in Yemen, Turkey, Nepal, Libya, Mauritius, etc, he said.
"We have emerged as the lowest bidder for a consultancy management project in Iraq. Though it is a small-size project, it will open doors for us in Iraq," Das said, adding, "we have not been awarded the contract yet, but negotiations are on."
The state-owned company's shares had opened on the BSE with a dip of 5.66% against the issue price. Soon, the stock had witnessed more profit-booking and was trading at Rs 97.80, down 7.73% from the issue price.
Meanwhile, the company is eyeing a significant growth in its order book in FY13.
"As of January 31, our order book stands at Rs 10,600 crore. We see it growing significantly given the opportunities in the redevelopment of buildings programme undertaken by the government," he said.
Currently, NBCC is working on a redevelopment project in East Kidwai Nagar in New Delhi wherein it will be constructing 4,800 houses on 86 acres of land.
