Friday, 9 October 2015

Embassy eyes towards Industrial and Warehousing

Join hands with Warburg Pincus to form Embassy Industrial Parks.

Bengaluru: Embassy Group, a leading real estate developer has entered into an agreement with Warburg Pincus, a leading global private equity firm to form a joint venture, Embassy Industrial Parks. The joint venture entity mark the Embassy Group’s entry into a new business segment focusing on the development of industrial and warehousing spaces near key cities across India.
      Embassy Industrial Parks will have an equity commitment of up to USD 250 million, from its joint venture partners, to fund land acquisition and development. The business will primarily operate on the lease-rental model that the Embassy Group has successfully deployed in its commercial projects. These modern, well planned, technology-enabled industrial and warehousing spaces are targeted at industry verticals such as 3PL, e-commerce, FMCG, automobile ancillaries and retail.          
      Embassy Industrial Parks has developed a pan-India strategy and has built a dedicated team to execute its plans. Company already acquired 200acres land at Shriperambadur, near Chennai, and plans to have around 500acres totally at Hoskote and Devanahalli near Bengaluru. 
      Anshul Singhal, Chief Executive Officer, Embassy Industrial Parks, stated, “Embassy Industrial Parks is looking to build and lease 15-20 million sq ft over the next few years. The immediate focus will be to ensure that we take up strategic land positions near the six key markets of Mumbai, Delhi, Bangalore, Chennai, Pune and Ahmedabad. We will focus on providing our clients with spaces that are optimized to enhance supply chain efficiencies. These spaces will be developed with a host of amenities and will ensure we comply with the most exacting requirements for power, water and connectivity to distribution centres along major logistical corridors and ports.” 
     Jitu Virwani, Chairman & Managing Director, Embassy Group, Viraj Sawhney, Managing Director, Warburg Pincus India Pvt Ltd were present In this auspicious occation.

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