Nitesh Estates has informed about the appointment of Mahesh Laxman as Chief Executive Officer of new Commercial and Rental Business vertical of the Company. Mahesh has a work experience of over 33 years in organizations of repute such as Ascendas, Jones Lang LaSalle and L & T Realty. He has held senior positions in these organisations. Nitesh Estates has informed that the Company is moving forward with its development / acquisition of A grade Commercial and Rental assets portfolio of over 5 million Sq. Ft. rental income to the Company. The estimated investment will be over Rs 1500 Cr across multiple projects, to be funded by equity / Private equity/ debt. The Company has already invested approximately Rs 300 Cr to build this portfolio. The portfolio will be developed over next 3 to 4 years.
The above information is a part of company’s filings submitted to BSE.