The new structure took effect Jan. 1. NCC was created in 1997 to build houses and offices for Nunavut government staff. NCC Development Ltd. can turn to the new holding company, NIG, to help finance new business ventures. While it's up to the shareholders to decide how much to invest in a new project, Curley said the set-up could reduce the company's reliance on banks and other lenders. If not, the venture would likely be turned down by NIG's board of directors.
Any new venture has to be viable.
Each subsidiary is also expected find contracts that make enough profit to cover its own operating costs. Last December Curley called upon the Nunavut government to consider forming partnerships with private companies to build social housing. But he said his company is not banking on social housing projects right now. Other major public-private partnerships, such as regional hospitals, have already been promised to Nunavut's regional birthright development corporations, Curley said. However, Curley said his company is now looking at possible business opportunities, but he declined to describe them.