Pragati Warehousing commits ₹1,500-cr investment in TN

Industrial and logistics real estate developer Pragati Warehousing has inked a Memorandum of Understanding (MoU) with the Tamil Nadu government. The agreement underscores a substantial investment exceeding ₹1,500 crores over the next five years, projected to generate direct employment opportunities for 500 individuals and create an additional 2,000 jobs indirectly.

Lt Col Jitender Yadav, Chairman and Founder at Pragati Warehousing, emphasized, “This MoU reinforces our commitment to add global standard assets to the Indian logistics and industrial real estate.”

“This decisive step cements Pragati Warehousing's steadfast commitment to propelling economic development in Tamil Nadu. The company is strategically positioned to contribute significantly to the region's growth, with plans to invest in the development of industrial and logistics parks,” said Maneesh Jain, Chief Investment Officer.

Pragati Warehousing is engaged in an ongoing investment of Rs. 350 crores for the development of a Grade-A industrial and warehousing park in Sriperumbudur. Spanning over 35 acres of land parcel, this project offers 0.7 million sq. ft. of Grade-A leasable space and is progressing on schedule for completion within the current year.

The real estate developer is set to augment its portfolio by 18-20 million sq. ft. over the next five years, focusing on key tier-1 micro markets across India. This expansion plan aligns with the company’s commitment to contribute to the nation's production and supply chain ecosystem.

This agreement was announced during the Global Investors Meet held in Chennai.