On Wednesday, ESR India, an industrial and logistics real estate platform, said it has inked an agreement with the Tamil Nadu Government to launch two industrial parks for a potential investment of INR 550 crores.
Set to be completed in the next five years, these parks are located in Kancheepuram and Krishnagiri districts. The two projects, once fully operational, have the potential to create over 4,400 jobs.
The memorandum of understanding (MoU), which was signed at the Investment Conclave 2021, will facilitate ESR India’s proposed investment at the Kancheepuram and Krishnagiri industrial parks by helping to streamline land acquisition, approvals, clearances, and administrative processes as per existing policies, rules, and regulations of the state government.
The government of Tamil Nadu has been very supportive in encouraging industrial developments in the state by creating a favourable business climate for industrial players. The MoU will see ESR invest ₹550 crores to develop industrial parks in Tamil Nadu, offering 1,800 direct and 2,600 indirect job opportunities in the facility.”~ Abhijit Malkani, CEO and country head, ESR India.
“Our goals are aligned with the vision of the Tamil Nadu government, to create avenues to increase business and trade inclusion opportunities, and employment towards garnering better economic growth in the region,” he added.
As of now, the logistics real estate platform has a presence across nine cities and 15 locations spanning 18 million sq ft.
Earlier in April, the Asia Pacific-focused logistics real estate firm said it has leased around 108,000 sq. ft. industrial real estate at its Chennai industrial park to CUBIC, a Denmark-based firm in the electromechanical sector for setting up its manufacturing facility in India.
In March, ESR said it will develop an industrial and logistics facility at Chakan, near Pune, with an investment of INR 330 crores. The facility will serve as a hub for light manufacturing and logistics operations in the western region.
One of the largest APAC focused logistics real estate platforms, ESR spans major economies across the region including the People’s Republic of China, Japan, South Korea, Singapore, Australia, India, and Vietnam