NESCO Ltd Approves Capex of Rs. 3,500 Crs for Tower 2 Development Despite IOD Receipt

NESCO Ltd has disclosed the receipt of an Intimation of Disapproval (IOD) from the Brihanmumbai Municipal Corporation for the development of proposed Tower 2 in IT Park at Nesco Center, Goregaon (East), Mumbai. The IOD is a crucial preliminary approval for development/redevelopment of a property. Despite the IOD, the Board has reviewed and approved a capex of up to Rs. 3,500 crs for the development of Tower 2 in IT Park, to be utilized over a period of six years, subject to timely statutory approvals. The funding for this project will primarily be done from internal accruals. The meeting took place from 3.50 pm to 9.30 pm.