Chennai: ESR India, the largest APAC focused industrial and logistics real estate platform, has inked a Memorandum of Understanding (MoU) with the Government of Tamil Nadu for a potential investment of INR 550 crores.
The MOU is signed for the launch of two industrial parks in Kancheepuram and Krishnagiri districts of the state over the next five years. Once fully operational, the two projects have the potential to create over 4,400 jobs in the facility, that shall boost the overall socio-economic growth in the region.
The MoU was signed at the Investment Conclave 2021 conference held today. It will facilitate ESR India’s proposed investment at Kancheepuram and Krishnagiri industrial parks by helping in streamlining land acquisition, approvals, clearances, and administrative processes as per existing policies, rules, and regulations of the Government of Tamil Nadu.
The policy and regulatory reforms unveiled in recent times has accentuated the entry of international institutional players and has set new benchmarks for industrial developments in the country.
Commenting on the development, Abhijit Malkani, CEO and Country Head, ESR India said, “We are delighted to announce our affiliation with 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 industrial players. The MoU will see ESR invest INR 550 crores to develop industrial parks in Tamil Nadu, offering 1,800 direct & 2,600 indirect job opportunities in the facility.”
“Our goals are aligned with the vision of the Tamil Nadu Government, to create avenues to increase business and trade inclusion opportunities and employment towards garnering better economic growth in the region”, he further stated.
ESR India is currently present across 9 cities and 15 locations with a total GFA of 18 Mn. Sq. ft. These state-of-the-art facilities will be developed upholding the best practices for ESG and sustainability.