Embassy Industrial Park on Wednesday announced an investment of ₹300 crore to develop a 40 acre warehousing project at Bilaspur in Gurugram, as demand for storage space has risen from e-commerce players after the outbreak of COVID-19.
"Spread across 40 acres of land, this project will be built with an investment of INR 300 crore. The total covered area of the project is estimated to be approximately 1 million sq ft," Embassy Industrial Parks said. Good infrastructure and connectivity have made this location as an ideal place for the warehousing facility, it added. This project is an expansion of the existing 25-acre industrial park of Embassy Group at Bilaspur. It is a Bengaluru-based firm. Leading players from e-commerce, logistics, retail & FMCG are some of the biggest occupiers in this region. Aditya Virwani, COO, Embassy Group said: “With the outstanding success of our project in this location, we are happy to announce the phase II of the industrial park with a bigger facility. There is an increased demand for Grade A industrial parks in the region from manufacturing, FMCG, auto and pharma sectors. At the Embassy, we strive to provide the best in class facilities for our clients."
Meanwhile, sources had earlier said Embassy Group was in talks with Indospace and ESR to monetise its warehousing and industrial parks business at an enterprise value of ₹1,700-2,000 crore. Bengaluru-based Embassy Group in 2015 formed a joint venture with private equity firm Warburg Pincus to build industrial parks.
Embassy Industrial Parks, the joint venture, is developing warehousing projects at Chakan in Pune, Sriperumbudur and Hosur in Tamil Nadu; Farrukhnagar and Bilaspur in Delhi-NCR; and Kothur in Hyderabad. The total portfolio of the JV is 15-16 million sq ft, of which 3-4 million sq ft is operational. Warburg Pincus has a 70% stake, while Embassy Group has 30% shareholding in the JV.