Mumbai: Embassy Industrial Parks, a joint venture between real estate developer Embassy Group and private equity firm Warburg Pincus India Ltd, on Thursday said it had purchased 24 acres of land in Gurugram, Haryana, to build an industrial and warehousing hub at a total cost of Rs140 crore.
Another Rs38 crore was spent on buying the land, the company said in a statement. Property consultant CBRE is the transaction advisor. Last year, Embassy Industrial Parks signed a memorandum of understanding (MoU) with the Haryana government to build three industrial parks in the state, investing Rs1,910 crore.
Located on NH-8 near Bilaspur Chowk, the warehousing facility will have 600,000 sq ft. of leasable space containing a logistics park concept with a host of amenities, the company said in a statement. The manufacturing facilities of auto companies Maruti Suzuki India Ltd, Honda Cars India Ltd and Hero MotoCorp Ltd and warehouses of Decathlon Group, Amazon India, Flipkart Ltd and Blue Dart Express Ltd are in close proximity to the acquired plot
The company said the warehouse is being constructed to meet the growing logistics requirements of e-commerce, retail, consumer durables, apparel, automotive and pharmaceutical companies.
Anshul Singhal, chief executive officer (CEO), Embassy Industrial Parks said India’s warehousing sector had grown 55% from 2013 till 2016. In the national capital region centred on Delhi, the sector had grown 45% in the same period.
“We have entered a significant phase in the evolution of the Embassy Industrial Parks brand in the NCR Region. It has a strong reputation and is a key focus area for the company to grow our operations,” he said.
Embassy Industrial Parks has also invested Rs350 crore to build a 1.1-million sq ft industrial park at Chakan, Pune. The group is planning to invest about Rs1,600 crore as equity to build seven-eight industrial parks over the next six years.
“The Delhi-National Capital Region (Delhi-NCR) is one of the most preferred warehousing hubs in the country. It is also one of the largest manufacturing and consumption hubs in the country, garnering a share of almost 25% in the overall activity in the warehousing sector in the country,” said Anshuman Magazine, chairman, India and South East Asia, at CBRE.