Industrial and logistics real estate platform ESR India on 14th June 2021 said it has signed a MoU with the Tamil Nadu government to develop 2 industrial parks with an estimated investment of Rs 550 crore. ESR India and the Tamil Nadu government have signed a MoU to this effect at the Investment Conclave 2021 conference held on 14th June 2021.
The MoU is signed for the launch of 2 industrial parks in Krishnagiri and Kancheepuram districts of the state over the next 5 years, the company said in a statement.
Once fully operational, the 2 projects have the potential to create over 4,400 jobs in the facility.
ESR India said that the MoU will facilitate its proposed investment at Krishnagiri and Kancheepuram industrial parks by helping in streamlining land approvals, acquisition, clearances, and administrative processes as per existing policies, rules, and regulations of the state government.
"The government of Tamil Nadu has been very supportive in encouraging industrial developments in the state by creating a favourable business climate for all the industrial players," said Abhijit Malkani, CEO and Country Head, ESR India.
"The MoU will see ESR invest Rs 550 crore to build up industrial parks in Tamil Nadu, offering 1,800 direct and 2,600 indirect job opportunities in the facility," Abhijit Malkani added.
ESR India is currently present across nine cities and fifteen locations with a total gross floor area of 18 million sq feet.
ESR is the largest APAC focused logistics real estate platform by gross floor area and by value of the assets owned directly and by the funds and investment vehicles it manages, the statement said.
The ESR platform spans major economies across the APAC region, including the People's Republic of Australia, China, India, Japan, Singapore, South Korea, and Vietnam.
As of last year December 31, the fair value of the properties directly held by ESR and the assets under management with respect to the funds and investment vehicles managed by ESR ecorded about US$ 30 billion.