Embassy Group and Warburg Pincus, in a joint venture named as Embassy Industrial Parks, is going to invest Rs 350 crore in developing an industrial park spread over 1.1 million sq. ft. of land at Chakan, Pune.
The project is planned to set up built-to-suit factories with a size ranging from 50,000 sq. ft. to 2 lakh sq. ft. The estimated cost of the project is Rs 350 crore including the price of land parcel bought by Embassy Industrial Parks last year. The construction is already begun with the delivery time of two years.
“We are looking at multinational companies in the space of light manufacturing and processing for the industrial park,” says Anshul Singhal.
The realty developer Embassy Group collaborated with a private equity firm Warburg Pincus in October 2015. The plan is to invest about Rs 1,600 crore as equity to build seven-eight industrial parks in the next six years across many cities including Delhi, Bengaluru, Mumbai, Ahmedabad, Pune, Ahmedabad and Kolkata. In the recent endeavours, Embassy Industrial Parks has signed a deal with Haryana government to develop three industrial parks in Gurgaon with an investment of Rs 1,910 crore.
Source: ET Realty