Capex - NESCO Ltd

Code BSE: 505355 NSE:

Nesco Ltd approved a capex of upto Rs. 3,500 crs for development of Tower 2 in IT Park to be utilised over a period of six years subject to receipt of timely statutory approvals. The funding for this project shall primarily be done from internal accruals. The receipt of Intimation of Disapproval (‘IOD’) from the Brihanmumbai Municipal Corporation (‘BMC’) for development of proposed Tower 2 in IT Park at Nesco Center, Goregaon (East), Mumbai, detailing information on the said development. IOD is a crucial preliminary approval from the local authorities for development /redevelopment of a property.