ESR India to invest ₹4,310 crore in Maharashtra, build 11 industrial parks
The affiliation with the Maharashtra government is aimed at encouraging industrial development in the state with streamlined land acquisition and administrative processes
BENGALURU: Warburg Pincus-backed logistics real estate firm ESR India has signed an agreement with Maharashtra government to invest ₹4,310 crore to set up 11 industrial and logistics parks around Mumbai and Pune.
This affiliation with the Maharashtra government is aimed at encouraging industrial development in the state with streamlined land acquisition and administrative processes, ESR said on Wednesday.
The policy and regulatory reforms unveiled in recent times has accentuated the entry of international institutional players and has set new benchmarks for industrial developments in the country.
In a joint statement, Abhijit Malkani and Jai Mirpuri, country heads, ESR India said, “The Government of Maharashtra and the MIDC (Maharashtra Industrial Development Corporation) have been very supportive of our efforts to develop world-class industrial and logistics infrastructure in the state, and these MoUs will fast-track investment into these projects, accelerate their development, and help attract more multinational and national companies to Maharashtra."
These parks, once fully operational, have the potential to create over 35,000 jobs in the state.
ESR India is currently present across eight cities and 14 locations.
Last year, ESR had partnered with Future Group to develop two logistics parks, Nagpur and Gurugram, with an investment of ₹300 crore. It also tied up with Mumbai-based Lodha Group for an equal joint venture to develop a $100 million industrial park at Dombivali in Thane district adjoining Mumbai.
ESR has been on an expansion spree in India over the last one year. The company, which kicked off its first logistics and infrastructure park in Pune in November 2018, has inked several partnership deals with prominent real estate and investment firms in the recent past.
In 2018, ESR entered into a strategic partnership with investment manager Allianz Real Estate to invest around $1 billion in India’s growing logistics and industrial property market. The joint venture plans to focus on developing large-scale logistics and industrial facilities in eight key cities—Mumbai, Pune, Chennai, Delhi, Ahmedabad, Kolkata, Bengaluru and Hyderabad.