ESR, an Asia-Pacific-focused industrial and logistics real estate platform, said on November 10 it added 44 acres to its industrial park in Chennai and will invest Rs 260 crore for its construction and development.
It takes the total land acquired by the company in Chennai’s Oragadam to 80 acres. The company acquired 36 acres in July 2020.
“We are thrilled to expand our operations in Oragadam, which has emerged as a renowned destination for indigenous as well as global companies wanting to expand their operations in India,” said Abhijit Malkani, CEO & Country Head of ESR India.
Located on state highway-48, on Oragadam- Walajabad road, ESR Oragadam Industrial and Logistics Park is well-connected by air, road, rail, and ports.
Referred to as “Chennai’s growth corridor”, Oragadam is a hub for automobile, auto-ancillary, renewable energy, electronics, aerospace and defence businesses. It also houses research and development centres and third-party logistics companies.
Also read: ESR India to invest around Rs 300 crore on industrial and logistics park in Gujarat
This park is located on the Oragadam-Walajabad highway, which is an eight-lane road, facilitating the movement of heavy vehicles and improving connectivity to industrial units in the region.
The industrial and logistics park will be built to the highest specifications and equipped with best-in-class infrastructure, demonstrating the full scope of ESR's sustainability initiatives and human-centric designs, the company said.
Infrastructure development backed by state government’s support had boosted industrial activity in the region and increased the demand for Grade A facilities, Malkani said.
Also read: ESR India to invest Rs 550 crore in Tamil Nadu to set up two industrial parks in the state
According to a recent survey, Tamil Nadu has emerged as the country’s top investment destination in the first quarter of 2020.
The southern state accounted for 18.63 percent of the ₹97,859 crore of investments envisaged to execute 1,241 projects in the country.
The diverse economic ecosystem, strategic infrastructure development, excellent port infrastructure and favourable policies make Tamil Nadu a strong contender to attract investments globally.
Once fully operational, the project has the potential to create over 500 jobs in the region. The increase in the number of Grade-A industrial parks shows that Chennai has become the nodal point for supply-chain and logistics in South India.
The park would be integrated with the ‘ESR smart mobile app’ to enhance client experiences and ensure digital park management.
ESR India parks are Indian Green Building Council Gold rated, with energy and water-efficient designs to reduce environmental impact and operating costs for clients.