State-run construction major NBCC is open to acquiring more distressed assets in the real estate sector, provided there are no corporate governance issues, chairman Anoop Kumar Mittal has said. NBCC has already bid for Jaypee Infratech, which is being resolved through the corporate insolvency process.
“There are a few other projects where we have been approached. We are examining the commercial viability but we won't take up projects where there are corporate governance issues,” Mittal said, refusing to name the projects the firm is interested in.
NBCC has been directed by the Supreme Court to complete the stalled projects of Amrapali Group on the project management consultancy (PMC) model. After surveying all the projects of the group, the developer had informed the court that it would require Rs 8,500 crore to complete them.
“It may be the case that NBCC would take on other projects depending on how the negotiations go in case of Jaypee Infratech,” said the executive quoted above.

Jaypee Infratech has an outstanding debt of about Rs 9,800 crore Some bankers said NBCC has offered to set up a special purpose vehicle (SPV) for acquiring a majority stake in the corporate debtor.
“It (NBCC) has offered to pump upfront amount of Rs 500 crore (part equity and part debt) within 90 days of the approval date,” said a bank executive.

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