Ample Parks, a joint venture between infrastructure-focused private equity firm Actis and Mahindra Group's real estate venture Mahindra Lifespace Developers, has announced the launch of its first industrial and logistics park in Chennai on a 71 acre land parcel, with an initial investment of Rs 800 crore.
The land parcel is located at the domestic tariff area (DTA) of the Mahindra World City integrated development, owned by Mahindra Lifespace Developers, in the Oragadam Industrial Corridor-Maraimalai Nagar micro-market, known as OMM.
According to a statement, it aims to earn Rs 110 crore each year after its completion, with a total revenue of Rs 1,400 crore targeted over the next ten years. The land parcel is expected to offer around 2.1 million square feet of space available for leasing.
The management at Ample Parks said that the Chennai project is expected to generate significant employment, while it also plans to expand its offerings in the next few years.
"We aim to empower industrial occupiers to achieve significant operational efficiencies and drive their growth in this most promising growth corridor. In addition to driving business expansion, the project will generate employment opportunities for nearly 11,000 personnel. At Ample Parks, our goal is to become a leading provider of industrial and logistics real estate solutions for both global and local corporations. We aim to acquire and develop 10 times the current land portfolio in 5-7 years across India through multiple projects," said Akash Rastogi, chief executive officer and director at Ample Parks.
Ample Parks, in plans announced last year, planned to offer around 16 million square feet in leasable space for logistics and industrial occupiers, for which it laid out around $600 million, through debt and equity. The firm plans to acquire around 750 acres of land for its growth.
The firm is targeting growth across cities such as Chennai, Delhi NCR, Mumbai, Kolkata, Ahmedabad, and Pune, among other cities, including tier-II markets like Lucknow, Jaipur, Guwahati, and Nagpur. Mahindra Lifespace Developers already operates a Mahindra World City project in Jaipur.
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