NESCO Ltd

NESCO Ltd

Nesco Ltd. (formerly New Standard Engineering Co Ltd.) was incorporated on 15 April 1946. Nesco is a diversified Company in four business segments. Nesco IT Park provides space to some of the world's leading companies. Its Bombay Exhibition Centre is the largest Exhibition Centre in the private sector. Nesco's Foods division on the days of exhibitions prepares and serves over 20000 meals per day. Nesco's Indabrator division is a leading manufacturer of surface preparation equipment with facilities in Gujarat. The Company is engaged in licensing premises in IT park building and providing related services licensing premises in its exhibition and convention incubation centre and providing related services to the clients manufacturing of machines and capital equipment and hospitality and catering services.Nesco Ltd is a diversified Indian-based company with business interests in the engineering realty and services sectors. The company's manufacturing group includes Nesco Engineering and services groups include Bombay Convention & Exhibition Center and NESCO Realty. The company manufactures engineering products including forging hammers and presses blowroom lines and high production cards for textile industry and sucker rod pumps for onshore oil recovery. Their manufacturing facilities are located at Karamsad and Vishnoli in Gujarat and Mumbai in Maharashtra.Nesco Engineering provides equipment to Indian Railways Ordnance Factories Forging Plants and others. The company's Bombay Exhibition Center is situated along the Western Express Highway in Goregaon which is a permanent venue for conventions exhibitions and trade fairs in India. Nesco Realty operates in realty business including developing and providing built up spaces for multinational companies and corporate at their various properties.Initially the company was operated from Byculla and then they set up two more plants at Parel and Santacruz. In the year 1959 they consolidated their three operations and moved to Western Express Highway at Goregaon in Mumbai. In the year 1986 the company diversified into realty business developing and providing build up space for multi national companies and leading Indian corporate. In the year 1992 they set up an exhibition centre named as Bombay Exhibition Centre at its complex on the Western Express Highway at Goregaon Mumbai. In order to reflect the company's transformation from engineering company to a diversified company the name of the company was changed from New Standard Engineering Co Ltd to Nesco Ltd in January 2001.During the year 2004-05 the Indabrator Ltd along with their two plants in Gujarat and an 85000 sq ft premises in Mumbai merged with the company with effect from July 1 2004. Indabrator Ltd was a market leader in surface preparation equipment. The company completed their Convention Centre in Convention Centre which is a fully air-contidioned hall measuring about 25000 sq ft which accommodate about 1500 persons. During the year 2005-06 the company upgraded their Bombay Exhibition Centre for Rs 12 crore. Also they divested 3750 shares of NSE Housing and Investment Private Ltd and thus NSE Housing and Investment Private Ltd ceased to be a subsidiary company.During the year 2007-08 the company completed the construction of third unit at Vishnoli in Gujarat which commenced their operations. Also the company modernized and upgraded the four convention and exhibition center halls covering an area of over 450000 sq ft.The company decided to expand the production capacity by installing new machinery and machine tools. Also the company is also in the process of construction of IT Building No 3 admeasuring about 800000 sq ft in which the construction is expected to start shortly.During the FY2014 114 exhibitions were held in Company's centre out of which 21 were new organizers and 16 new titles which included Sugar Technology First Safety Technology Occupational Health and Safety Steel Technology Fire Safety Technology Maternity and Child Care Expo Water Conversation Technology Soilless Garden Technology Health and Fitness Expo and Concrete Technology. The Company also started setting up food court services with leading international and national food brands to cater to the growing demand of quality food services of the organizers their exhibitors and visitors.In FY 2014 the Company successfully launched its 330 seater Nesco Incubation Centre. This state of the art facility is a unique feature for Nesco IT Park wherein a licensee can opt for stop gap arrangement of a plug and play infrastructure while their fitouts are underway in the IT building 3. Such features benefits the companies to move their business in the IT building 3 with minimum outage in the operation of their respective business.During the FY 2015 the Company entered into the business of food catering and related services within the Nesco Complex. The Company has incorporated a wholly owned subsidiary named `Nesco Hospitality Private Limited' to set up world class kitchen facilities to cater to the needs of Nesco IT Park and visitors to exhibitions and conventions.During the year 2016 156 exhibitions and conventions were held in its Centre out of which 33 were new organizers. Some of the new clients include Infinity Exhibitions & Conferences Pvt. Ltd. JP Morgan Services India Pvt. Ltd. V-Rock Entertainment Agency Dalit Indian Chambers of Commerce & Industry (DICCI) New Media Communication Pvt. Ltd. and Artisans & Weavers Welfare Association. The Company in its Board meeting held on 29 May 2017 approved sub-division of equity shares from Rs.10 to Rs.2 per share which is subject to the approval of the shareholders at the ensuing annual general meeting. The sub-division of equity shares if approved by the shareholders will initiate after 15 September 2017.During the year 2017 109 exhibitions and conventions were held in its Centre out of which 27 were new organizers. Some of the new clients include Business Live Radeecal Exhibitions I for Africa Beyond Infotainment Times Conferences Ltd. Sumansa Exhibitions.During the year 2017 the Company commissioned two food courts and started food services within Nesco Complex with leading international and national food brands and is targeting to cater to the growing demand of quality food services from the exhibition organizers exhibitors visitors and employees working in Nesco IT Park.In FY 2018 the Company started construction of IT building 4 having built up area of approx. 1700000 sq. ft. so far of which Rs 25610.04 lakhs has been spent on IT building 4. The building is pre-certified Platinum rated under the LEED India for Core & Shell rating system from the Indian Green Building Council. IT buildings 1 2 and 3 are fully occupied by well renowned companies. Hall 3 provides Incubation Centre and Child Care Centre for children of employees working in Nesco IT Park.During the year 2018 an amount of Rs 2863.70 lakhs was spent for additional space adding more facilities and improving infrastructure. During the year 2018 127 exhibitions and conventions were held in its Centre out of which 14 were new organizers. Some of the new clients include Peppermint Communications Pvt Ltd. Procyon Exhibition & Events LLP Quartz Iten Media Stylus Arts and Gramin Hastkala Vikas Samiti. Nesco Hospitality Private Limited a wholly owned subsidiary of the Company operated Food Courts Day Care Centre and Gymnasium in Bombay Exhibition Centre and Nesco IT Park. During the year 2018 it started operations of the new world class kitchen which catered to the needs of employees working in Nesco IT Park and visitors to exhibitions and conventions.Nesco Foundation for Innovation and Development was incorporated on 09 October 2019 as a wholly owned subsidiary of the Company. Nesco Foundation has commissioned Nesco Incubation Centre which is located at Indabrator's Karamsad premises. Goal of the Nesco Incubation Centre is to develop new entrepreneurs. Since 23 March 2020 in view of the lockdown to control the COVID-19 pandemic several exhibitions have been either postponed or cancelled. Due to closure of Exhibition Centre few exhibitions which were scheduled to be held between 25 March 2020 to 31 March 2020 were postponed to a future date. This has also impacted our Foods division where majority of the clients are the exhibition organisers exhibitors and visitors. COVID-19 has also impacted Indabrator division which could not dispatch large value of ready equipments.During the year 2021 one guest exhibition was held in Bombay Exhibition Centre. Company had organized one exhibition named India Auto Show in 2020-21. The Nesco Foods kitchen facility was made operative. The Company's Wholly Owned Subsidiary Nesco Foundation commissioned Nesco Incubation Centre located near Indabrator's Karamsad premises. In February 2020 Nesco Foundation along with A D Patel Institute of Technology & CVM University Charutar Vidya Mandal had organized a mega startup event known as Startup Sankrant 2020. Nesco Foundation earned attention through this event. A wholly owned subsidiary of Company Nesco Hospitality Private Limited operated Food Courts in the Nesco Complex.During the period 2022 twelve guest exhibitions was held in were Centre which were organized by the existing clients. Nesco Foods catered food to the Jumbo Dedicated Covid Health Center made by MCGM in BEC Halls and outside clients and events during the year 2021-22. During the financial year 2022-23 Company inaugurated 3 restaurants viz Foo Smoke House Deli Socials and a Food Court in Tower 04 of Nesco IT Park. During the period 01 April 2022 to 30 June 2022 83 guest exhibitions and 10 guest events were held at the premises which were organized by the existing and new clients. The Company commenced operations of its Food Court and Restaurants which operates as 'Restaurants and Outlets' a subdivision. Nesco Foods (E&B) catered and serviced 55 social events and 90 corporate events organized at various Halls located at Nesco premises and 70 events organized at IT Towers. The Company launched two new in-house brands Dress Circle and Zuo.