ESR India acquires 39-acre land in Chennai’s Oragadam for 332 crore
August 6, 2020: To develop an industrial park in the Oragadam suburb, ESR India has acquired a 39-acre land in Chennai for Rs 332 crore.
August 6, 2020: In order, to develop an industrial park in the Oragadam suburb, ESR India has acquired a 39-acre land in Chennai for Rs 332 crore. Located on SH-48, close to Oragadam junction, the park would be connected by air, road, rail and ports.
The company noted that the Covid-19 pandemic has boosted the Indian warehousing space while it is witnessing high demand. "The industrial and logistics developer plans to acquire 60 acres of more land in Chennai and 40 acres in Lucknow," reported The Economic Times.
"Strategically located amongst the upcoming industrial and logistical belt on the State Highway connecting Oragadam to Walajabad in Tamil Nadu, this 36-acre park is proposed to be IGBC Gold Rated. The industrial and logistics park will be built to the highest specifications and equipped with best-in-class infrastructure, demonstrating the full scope of ESR's sustainability initiatives and human-centric designs. With this investment, ESR expands its India footprint to 14 locations," says the release.
Abhijit Malkani and Jai Mirpuri, Country Heads of ESR India stated, “Due to its strategic location and connectivity to the world through ports, business environment, infrastructure and strong workforce, ESR Oragadam will be well-positioned to cater to the needs of the expanding industries across Automobile, Auto-ancillary, R&D Centres, 3PL's, E-commerce, Electronics, Energy, Aerospace and Defence. This investment is in synergy with ESR’s goal to build a significant portfolio of modern industrial and logistics infrastructure across the country.”
In a recent report, Colliers International noted that "Covid-19 induced e-commerce demand and US-China trade war triggered rebalancing of the supply chain will attract more investments into the Indian warehousing sector in next 2-3 years and is expected to bounce back quickly, even though funds will be muted for at least one year.