Nesco receives IOD from Brihanmumbai Municipal Corporation (BMC) for the development of Tower 2 in IT Park, Nesco Center
The stock has delivered a 1-year return of 10.02 per cent and a 3-year return of 75 per cent.
Nesco Limited has announced the receipt of an Intimation of Disapproval (IOD) from the Brihanmumbai Municipal Corporation (BMC) for the development of Tower 2 at its IT Park in Nesco Center, Goregaon (East), Mumbai. This new development will feature a state-of-the-art IT Park and a 4 and 5 Star 5-star-rated hotel, covering a constructed area of approximately 5.01 million square feet. The IT Park will offer premium office spaces designed to foster innovation and productivity, while the hotel will provide 732 rooms and suites, along with 172 serviced apartments.
The project is expected to create direct employment for approximately 24,500 people and is aligned with Nesco's commitment to sustainable urban development. The construction is set to begin in the third quarter of FY 2025-26 and will be funded primarily through internal accruals. The project is designed by Aedas, a renowned architectural firm known for its eco-friendly building practices. Nesco Limited continues to expand its footprint in realty, exhibitions, hospitality, and engineering goods, with this project marking a significant step in its growth strategy.
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Nesco Limited, headquartered in Mumbai, operates across multiple business segments, including IT Parks, exhibitions, hospitality, and manufacturing. The IT Parks division, which contributes 41 per cent of revenue, boasts high occupancy rates with multinational tenants. The Bombay Exhibition Center, the largest private exhibition venue in India, accounts for 27 per cent of revenue and attracts millions of visitors annually.
Nesco Foods, contributing 13 per cent of revenue, has expanded significantly, offering diverse culinary options and operating the largest non-flight kitchen in Mumbai. The Indrabator division, responsible for 7 per cent of revenue, manufactures machines and equipment for various industries. Nesco's ongoing projects include the development of Tower 2 in its IT Park and a new hall at the Bombay Exhibition Center. The company holds investments worth Rs 1,494 crore, primarily in debt mutual funds and corporate deposits, reflecting a robust financial position. Nesco Limited has a market capitalization of over Rs 6,400 crore. The stock has delivered a 1-year return of 10.02 per cent and a 3-year return of 75 per cent. The Price-Earnings (PE) Ratio stands at 16.
Disclaimer: The article is for informational purposes only and not investment advice.