Embassy Group, a leading Indian property developer, today signed an MoU with the Government of Tamil Nadu at the Tamil Nadu Global Investors Meet 2015, for the development of an industrial park in the State with a projected total investment of Rs 900 crores. The projects will span the development of integrated Industrial and Logistics Parks with support facilities. This will mark Embassy Group’s strategic foray into the industrial, logistics and warehousing business.
Mr. Anshul Singhal, Chief Executive Officer, Embassy Industrial Parks, said, “Embassy Group has been a pioneer in developing IT and Office Parks in India with an occupier tenant portfolio of global and Indian corporations. Now with Make in India, GST and progressive states like Tamil Nadu promoting industrial developments, we foresee a huge demand for plug and play Industrial and warehousing space”. Embassy Industrial Parks will host world class infrastructure that will help both multinational and domestic companies set-up factory operations in Tamil Nadu without losing time and capital.
The proposed 198 acre industrial and warehousing project will be developed 50 km away from Chennai City in the industrial area of Sriperumbudur. The development is envisaged to provide world class infrastructure for industrial locations for setting up research and development, manufacturing and assembly facilities. The development will provide build-to-suit factory building and warehousing facilities to industrial and logistics clients on a lease rental basis. The project will also have options for industrial land with ready infrastructure for manufacturers to set up their own factories. The development will further include best in class industrial infrastructure along with amenities.
This is Embassy’s maiden foray and strategic diversification initiative in this industry sector. The experience and expertise in IT office parks in India and overseas, will enable the Group to create state-of-the-art industrial parks across the country.
The rapid growth of retail, manufacturing and related industry segments coupled with the changing fiscal and taxation policies will raise the need for modern warehouse infrastructure. The impending unified tax regime in the form of GST (Goods & Service Tax) will allow companies from various sectors to reorganise their supply chain – moving from multiple, state-centred, small format warehouses to fewer, and strategically located, large format ones.