Logiy Spaces, AA Holdings to invest USD 37 million to build logistic park in Karnataka

Industrial and logistic park developer Logiy Spaces has tied up with AA Holdings to build a new project at Narasapura, Karnataka with an investment of USD 37 million (around Rs 300 crore).

In a statement, AA Holdings, which has recently been formed by Abhijit Verma, said it has formed a joint venture with Logiy Spaces to invest USD 37 million for the development of 1 million square feet of industrial and logistics park.

The project is scheduled for completion by September 2023. "In our endeavour to enable local landlords and aggregators to become successful microentrepreneurs and fulfil the need for quality commercial spaces in the country, we floated AA Holdings to provide them the right guidance and mentorship," said Verma, the MD and CEO of AA Holdings.

"We will be developing 1 million square feet of industrial and logistics park in the suburbs of Karnataka at an investment outlay of USD 37 million. This project will be executed in a joint venture with Logiy Spaces," he added. Narasapura is one of the biggest industrial regions in Karnataka, under the district jurisdiction of Kolar and is well connected to notable cities and highways of Kolar, Malur, Hoskote, Bangalore, Chennai, Chittoor and NH 4 among others.