The project involves the construction of 1,008 affordable housing units at Île Aurore in Seychelles, along with associated infrastructure. It will be financed through a Line of Credit (LoC) extended by the Export-Import Bank of India (EXIM Bank), according to the company’s stock exchange filing.
The agreement was signed on July 29 in the presence of Seychelles Vice President Sebastien Pillay and NBCC Chairman and Managing Director K.P. Mahadevaswamy. The documents were signed by Joseph Francois, Secretary of State for Lands, Housing and Infrastructure, Government of Seychelles, and Pradeep Sharma, Executive Director (Engineering), NBCC.
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The development marks the next stage of a project that was first announced in March 2026, when the Seychelles government issued a Letter of Intent (LoI) and agreed in principle to appoint NBCC as the project management consultant. At the time, the company was tasked with planning, design and procurement for the housing project, while the formal contract was still pending.
The latest agreement removes that uncertainty by formally awarding the project, allowing execution to move ahead.
Beyond the construction of homes, the project also includes supporting infrastructure aimed at improving urban living standards in Seychelles. According to NBCC, the development is intended to support the country’s broader sustainable development goals.
For NBCC, the contract highlights the growing role of Indian public sector companies in executing overseas infrastructure projects backed by Indian development financing. Under EXIM Bank’s Line of Credit programme, India extends concessional financing to partner countries, which in turn engage Indian companies to execute projects. The model has been used across Asia, Africa and the Indian Ocean region to strengthen economic ties while creating opportunities for Indian engineering and construction firms.
The Seychelles project also underscores India’s expanding infrastructure partnership with strategically important Indian Ocean nations. Affordable housing has emerged as one of the key sectors supported through India’s overseas development assistance, alongside roads, ports, power and public infrastructure.
While the $75 million project is modest compared with NBCC’s large domestic order book, international contracts help diversify the company’s revenue pipeline and strengthen its credentials in overseas project execution.
(Edited by : Prashant)
First Published: Jul 29, 2026 11:03 PM IST
