Nesco's Board approval for a capital expenditure of up to Rs 3,500 crore for the development of Tower 2 in its IT Park at Nesco Center, Goregaon (East), Mumbai. In a regulatory filing, the company stated that the board has reviewed and cleared the capex plan following the receipt of the ‘intimation of disapproval’ (IOD) from the Brihanmumbai Municipal Corporation (BMC).

The IOD is a key preliminary clearance from local authorities, allowing the developer to move ahead with project development or redevelopment. The proposed investment will be phased out over six years, contingent on timely receipt of statutory approvals. Notably, Nesco plans to finance the entire project primarily through internal accruals.

Tower 2 is expected to significantly augment Nesco’s IT infrastructure footprint in Mumbai. The company is involved in leasing office space in IT parks, hosting exhibitions, manufacturing industrial equipment, and offering hospitality and catering services.