NESCO planning to invest Rs 2,000 crore on business expansion in 5-7 years
24th Aug 2020

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 centre, 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.

The company’s current cash reserves are about Rs 700 crore, which will be used to fund these projects in addition to yearly net inflows from its various business over the next fiveseven years. As part of this strategy, the company plans to build its third IT building of nearly 40 lakh sq ft along with a four-star business hotel.

NESCO is a tool manufacturing company. The company’s engineering products include forging hammers and presses, blowroom lines and high production cards for the textile industry, and sucker rod pumps for onshore oil recovery. The company also provides equipment to the Indian Railways, numerous Ordnance Factories, and Forging Plants.