Embassy Group unveils Rs.350-cr Park

Adding to its project portfolio in the industrial segment, Embassy Industrial Parks, a joint venture(JV) between realty developer Embassy Group and private equity firm Warburg Pincus, in a recent move has decided to set up 1.1 mn sq.ft industrial park at Chakan in Pune at an investment of Rs. 350cr, CEO Anshul Singhal said, elaborating that the new project will mainly comprise built-to-suit factories ranging from 50,000 sq.ft to 2 lakh sq.ft in size and the construction has already been started and the project will be delivered in two years. For the land parcel, the player has managed lease commitment for about 4,50,000 sq.ft of the project and is currently scouting for multinational companies in the space of light manufacturing and processing in the industrial park. Warburg Pincus and Embassy Group had formed a JV in October 2015 and the entity is planning to invest about Rs. 1,600-cr as equity to building 7-8 industrial parks in Delhi NCR, Delhi, Bengaluru, Mumbai, Ahmedabad, Pune, Ahmedabad, and Kolkata in the next six years.