New Delhi, Sept. 4 -- Public-listed financial services company Nisus Finance has acquired a majority stake in New Consolidated Construction Company Ltd (NCCCL) in an all-cash, management-led buyout, the company said in a statement.
As part of the acquisition, Nisus has infused Rs 70 crore (around $7.95 million) as primary growth capital. Mahesh Mudda, managing director and chief executive officer of NCCCL, will assume the role of promoter while rest of the senior leadership team will remain intact.
"With this acquisition now successfully completed, we are unlocking a new growth chapter for Nisus. It represents a unique synergy between our vision for urban infrastructure and NCCCL's decades of execution excellence. By partnering with an experienced leadership team and equipping them with strategic capital and robust governance, we are positioned to capture significant operating leverage," said Amit Goenka, chairman and managing director, Nisus Finance Services Ltd.
"As a professional-turned-promoter, I'm investing not just my four decades of sectoral experience but also my conviction into taking NCCCL to the next orbit - expanding into high-growth verticals such as data centre infrastructure and smart urban developments, backed by tech-first construction methodologies and institutional governance," said Mahesh Mudda, managing director and chief operating officer.
Headquartered in Mumbai, New Consolidated Construction Co. Ltd. (NCCCL) was founded in 1946 as an EPC company. Over nearly eight decades, NCCCL has developed over 200 million sqft across projects.
Its expertise lies in constructing residential and commercial properties, IT parks, hospitals, pharmaceutical plants, industrial facilities, retail centres, and data centres. Its clients include Prestige Group, Bagmane, Developers, L&T and Phoenix Mills.
In July, Nisus Finance had bought 69% of NCCCL, founded by Yahyabhai Jasdanwalla and then led by his son Abbas Jasdanwalla.
Published by HT Digital Content Services with permission from VC Circle.