Embassy Industrial Parks, a joint venture between realty developer, Embassy Group and private equity firm, Warburg Pincus, will invest Rs 350 crore to build a 1.1-million sq ft industrial park at Chakan, Pune. The project will mainly comprise built-to-suit factories ranging from 50,000 sq ft to 2 lakh sq ft in size. Construction has already started and we plan to deliver the project in two years. The company claims to have snapped up lease commitment for about 450,000 sq ft of the project. Warburg Pincus and Embassy Group had formed a JV in October 2015 and the entity is planning to invest about Rs 1,600 crore as equity to building seven-eight industrial parks over the next six years. The firm is exploring opportunities in Delhi, Bengaluru, Mumbai, Ahmedabad, Pune, Ahmedabad and Kolkata. The JV is at a land acquisition stage at present and hope to start construction in three-four more industrial parks in the next 12 months. In March, the company signed a MoU with the Haryana government to build three industrial parks around Gurgaon with an investment of Rs 1,910 crore. Embassy also has another JV with Brookfield Asset Management for building warehouses on 170 acres in Chennai, in which the two will infuse Rs 220 crore of equity.
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