State-owned NBCC (India) Ltd announced on Thursday that it has signed a Memorandum of Understanding (MoU) with Rajasthan State Industrial Development and Investment Corporation (RIICO) for infrastructure projects worth around Rs 37 billion near Jaipur International Airport.

The collaboration covers the development of the Rajasthan Mandapam Convention Centre, Unity Mall, and allied commercial and cultural infrastructure on a 95-acre site along Tonk Road. The initiative aims to position Jaipur as a premier destination for global conventions and retail activity, combining world-class design with the city’s rich cultural heritage.

The MoU signing ceremony was attended by Rajasthan Chief Minister Bhajan Lal Sharma, Industry Minister Col. Rajyavardhan Singh Rathore, Chief Secretary Sudhansh Pant, Additional Chief Secretary to the CM and RIICO Chairman Shikhar Agrawal, NBCC Chairman and Managing Director K.P. Mahadevaswamy, and other senior officials.

NBCC, as the exclusive executing agency, will manage master planning, architectural design, engineering, construction, and international-standard marketing. The project will operate on a self-financing model, with RIICO providing an initial interest-free advance of Rs 500 million. Further mobilisation will come from the sale and lease of developed spaces and plots, with NBCC able to leverage public financial institutions to ensure smooth funding.

Government financial support of up to Rs 6.35 billion has been earmarked for the Rajasthan Mandapam, highlighting the strategic importance of the project. A joint empowered committee will oversee progress and quality, aiming for completion within 30 months of receiving statutory and internal approvals.