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Nesco draws Rs 2,000 cr investment towards business expansion

Monday, 24 Aug 2020

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Diversified firm Nesco is planning to invest over Rs 2,000 crore in the next five to seven years to foray into the hospitality segment as well as expand its existing IT space offerings and add new exhibition centres.

The company, which is into real estate, exhibition centres, food and beverages (F&B) and engineering businesses, is also planning to set up a convention hall at its Nesco Centre in Goregaon in suburban Mumbai, Maharashtra.

The investment will be completely funded by its internal accruals. The company’s current cash reserves are about Rs 700 crore which will be used to fund the projects in addition to yearly net inflows from our various business over the next five-seven years.

As part of the strategy, the company plans to build its third IT building of nearly 40 lakh sq ft along with a four-star business hotel.

The company has two operational IT buildings and it is in the process of getting approvals for the third one and plans to start construction by 2021.

The estimated budget for the project is Rs 1,800 crore for a total 46 lakh sq ft of development, which will include office space, amenities, F&B area as well as 300-room four-star business hotel.

The company plans to add two more exhibition centres and a convention hall at the Nesco centre.

Currently, it has about 5.78 lakh sq ft exhibition space in Nesco Centre and it is planning to build a new hall of about 1.45 lakh sq ft. The Brihanmumbai Municipal Corporation (BMC) has converted Nesco's exhibition centre into a fully equipped COVID-19 facility.