28th January, 2019
Bengaluru: Embassy Industrial Parks (EIP) has ventured into South India by acquiring a 60-acre land parcel in Bengaluru from real estate builder DRA Projects. The firm will use the land to build 1.3 million sq ft of warehousing facility in the outskirts of Bengaluru with a total investment of Rs 288 crore. EIP is a $250-million logistic platform floated by global private equity firm Warburg Pincus and real estate developer Embassy Group for setting up industrial parks.
“We have already defined our footprint in the North and have a clear ambition to scale our business rapidly, and selecting the right locations is allowing us to facilitate this process,” said Anshul Singhal, CEO, Embassy Industrial Parks. The company has already signed 500,000 sq ft with Stellar Value Chains as their client for this project.
The upcoming industrial park is a strategically located park along the Bengaluru-Chennai highway and close to State Industries NSE -2.52 % Promotion Corporation of Tamilnadu Ltd (SIPCOT).
Currently, the firm has three functional logistics & industrial parks in the Delhi NCR & Pune. The firm is in the process of acquiring land in newer cities like Hyderabad and Mumbai apart from expanding in its existing locations.
“Till date, the company has secured developmental potential of approximately 13 million square feet, of which 2 million is operational,” said Singhal.
The company is also in the process of acquiring over 300 acres land parcels in Mumbai and Hyderabad apart from rolling out more industrial parks in existing cities.
“We have committed major capital from the joint venture and is also in the process of closing some transactions,” said Singhal.