In March this year, Nesco had announced the receipt of ‘intimation of disapproval’ (IOD) from Brihanmumbai Municipal Corporation (BMC) for the development of proposed Tower 2 in IT Park at Nesco Center, Goregaon (East), Mumbai.
The IOD is a crucial preliminary approval from the local authorities for development/redevelopment of a property.
In regulatory filing made post market hours yesterday, Nesco stated that following the receipt of the said IOD, the board at its meeting held on 30 June 2025 has reviewed and approved a capex of upto Rs 3,500 crore.
These funds, being earmarked for development of Tower 2, would 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.
Nesco is mainly engaged in licensing premises in IT park buildings and providing related services, licensing premises for exhibitions and providing services to the organisers, manufacturing of machines and capital equipment, and hospitality and catering services.
The company reported 15.70% fall in consolidated net profit to Rs 88.61 crore in Q4 FY25 as against Rs 105.12 crore posted in Q4 FY24. Revenue from operations rose 1.60% YoY to Rs 192.01 crore in the quarter ended 31 March 2025.