Written by – Sanu Sandilya

NEW DELHI: Embassy Industrial Parks, a joint venture between realty developer Embassy Group and private equity firm Warburg Pincus, will invest Rs 350 crore to build a 1.1-million sq ft industrial park at Chakan, Pune.

The project will mainly comprise built-to-suit factories ranging from 50,000 sq ft to 2 lakh sq ft in size, Embassy Industrial Parks’ CEO Anshul Singhal said. “The total project cost would come to aroundRs 350 crore, which includes the cost of 52-acre land parcel which we bought last year,” Singhal said. “Construction has already started and we plan to deliver the project in two years.”

The company claims to have snapped up lease commitment for about 450,000 sq ft of the project. “We are looking at multinational companies in the space of light manufacturing and processing for the industrial park,” said Singhal.

Warburg Pincus and Embassy Group had formed a JV in October 2015 and the entity is planning to invest about Rs 1,600 crore as equity to building seven-eight industrial parks over the next six years. The firm is exploring opportunities in Delhi, Bengaluru, Mumbai, Ahmedabad, Pune, Ahmedabad and Kolkata. “We are at a land acquisition stage at present and hope to start construction in three-four more industrial parks in the next 12 months,” said Singhal.

In March, the company signed a MoU with the Haryana government to build three industrial parks around Gurgaon with an investment of Rs 1,910 crore. Embassy also has another JV with Brookfield Asset Management for building warehouses on 170 acres in Chennai, in which the two will infuseRs 220 crore of equity.