NEW DELHI, Apr 17: ESR Group has acquired 38 acres of land in Gujarat and will invest Rs 400 crore to develop an industrial and warehousing park.
The project, located at Sanand in Gujarat, will have a development potential of 1 million square feet, the company said.
ESR Group will invest about Rs 400 crore for construction and development.
This will be ESR’s second investment in Gujarat. It had made its first investment at Jalisana, a 37-acre project.
Abhijit Malkani, the CEO of ESR India, said this new park will add to the state’s flourishing industrial ecosystem.
“Gujarat attracts one of the highest foreign direct investments in India and is currently turning into an EV (electrical vehicle) battery manufacturing and assembly centre,” he said.
The availability of Grade A infrastructure in a strategic location like Sanand is essential for the region’s industrial growth and will add to its EV manufacturing capacity, Malkani said.
ESR said there are 25 multinational and 300 domestic companies in this region across various sectors, including automobile, auto ancillaries, FMCG, engineering, plastics, packaging, and electronics.
This project aims to create a focused space for established and emerging EV manufacturing and ancillary units to expand their presence in Ahmedabad, the company added.
ESR India, part of the ESR Group, is one of the leading developers and managers of industrial and logistics real estate with assets under management of about USD 1.7 billion.
ESR is APAC’s (Asia Pacific) largest real asset manager powered by the new economy and the third largest listed real estate investment manager globally.
With USD 156 billion in total assets under management (AUM), ESR Group’s fully integrated development and investment management platform extends across key APAC markets, including China, Japan, South Korea, Australia, Singapore, India, New Zealand and Southeast Asia, and also includes an expanding presence in Europe and the US.
ESR is the largest sponsor and manager of REITs in APAC with a total AUM (asset under management) of USD 46 billion. (PTI)
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