Mumbai, July 1 -- In March this year, Nesco had announced the receipt of 'intimation of disapproval' (IOD) from Brihanmumbai Municipal Corporation (BMC) for the development of proposed Tower 2 in IT Park at Nesco Center, Goregaon (East), Mumbai.

The IOD is a crucial preliminary approval from the local authorities for development/redevelopment of a property.

In regulatory filing made post market hours yesterday, Nesco stated that following the receipt of the said IOD, the board at its meeting held on 30 June 2025 has reviewed and approved a capex of upto Rs 3,500 crore.

These funds, being earmarked for development of Tower 2, would be utilised over a period of six years subject to receipt of timely statutory approvals.

The funding for ...