Nesco Limited, at its meeting held on 30 January 2025, approved the incorporation of a wholly owned subsidiary, Nesco Retail Private Limited, with an authorized capital of INR 10,00,000/- (Rupees Ten Lakhs Only). The proposed WOS will be a related party of the company upon incorporation. Save for the mentioned details, the promoter/promoter group are not interested in the proposed WOS.
The subsidiary will engage in various amenities (including fuel and non-fuel activities), hospitality, realty, and other related activities. Its objectives include developing, operating, running, managing, and maintaining various amenities across locations in India. The incorporation of the proposed WOS is subject to the approval of the Ministry of Corporate Affairs (MCA) and other relevant statutory/regulatory authorities.
The incorporation will be completed upon receipt of these approvals, and necessary updates will be provided once the WOS is incorporated. Subscription of equity shares in the proposed WOS will be by way of cash consideration, with the company paying cash consideration towards the subscription of its 100% shareholding.
