NESCO Ltd, erstwhile New Standard Engineering Company Ltd, which owns owns a 65-acre land in Mumbai suburb, plans to build four new exhibition centres in the coming years. NESCO currently has about 0.6msft of usable area from which it generates exhibition and convention revenues. The company is planning to implement new projects in phased manner.
The first Business Exhibition Center is likely to be crystallized by December 2018 while the other three projects will be taken up later on. The first planned BEC will have 0.9 msft area and the approvals for the same will be obtained by the end of this calendar year. The project is estimated to cost Rs 800 crore. Construction is expected to start in the first half of next calendar year and the project will be completed in 3-4 years time. In phase 1, the company is planning to develop hotel and convention space.
Other three BEC projects are in drawing board stage and will be developed in phases. For all the 4 BECs, the company is expected to invest Rs 3000 crore over the next 15-20 years. NESCO plans to fund these expansions completely through internal accruals without taking debt or raising additional equity.