Considering the fast growing e-commerce industry and increasing demand for storage space, Embassy Industrial Park, recently announced an investment of Rs. 300 crore to develop a 40 acre warehousing project at Bilaspur in Gurugram.
An official statement issued by Embassy Industrial Parks noted, “This project, which is spread across 40 acres of land, 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.”
Adequate infrastructure and good connectivity have made this location as an ideal place for the warehousing facility, the statement added.
This project is said to be an expansion of the existing 25-acre industrial park of Embassy Group at Bilaspur. Leading players from e-commerce, retail & FMCG and logistics are some of the biggest occupiers in this particular 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.”
Meanwhile, sources had earlier said that Embassy Group is in talks with Indospace and ESR to monetise its warehousing and industrial parks business at an enterprise value of Rs 1,700-2,000 crore. Property consultant Anarock is reportedly helping out Embassy Group in this proposed warehousing deal.
Embassy Industrial Parks, a joint venture between Bengaluru-based realty firm Embassy group and private equity firm Warburg Pincus has in line various other warehousing projects at Sriperumbudur, Chakan in Pune, Hosur in Tamil Nadu, Bilaspur in Delhi-NCR, Farrukhnagarand and Kothur in Hyderabad.