November04,2020: ESRIndia,a leading Asia Pacific focused industrial and logistics real estate platform has inked an MoU with the government of Maharashtraenvisaging INR 4,310 croreinvestmentfor setting up 11 projectsaround Mumbai and Pune.
This affiliation with the state governmentis aimed at encouraging industrial developments in the statewith streamlined land acquisitionand administrative processes. The policy and regulatory reforms unveiled in recent times has accentuated the entry of international institutional players and has set new benchmarks for industrial developments in the country.
Commenting on the development, Abhijit Malkaniand Jai Mirpuri, Country Heads, ESR India said,“The Government of Maharashtra and the MIDC(Maharashtra Industrial Development Corporation) has been very supportive ofour efforts to develop world-class industrial and logistics infrastructure in the state, and these MoUs will fast-track investment into these projects, accelerate their development, and help attract more multinational and national companies to Maharashtra. The MoU will see ESR invest INR 4,310 croreto develop industrial and logistics parksinMaharashtra and will see multiple direct & indirect job opportunities.”
“Our goals are alignedwith the vision of the Government of Maharashtra, to foster investment and employment towards garnering better economic growth in the region”, theyfurther stated.
These facilities, once fully operational has the potential to create over 35,000 jobs in the state,that shall boostthe overall socio-economic growth in the region.
ESR India is currently present across 8 cities and 14 locations with a total GFA of 15.1 Mn. Sq. ft. These state-of-the-art facilities will be developed upholding the best practices for ESG and sustainability.
ESR is the largest APAC focused logistics real estate platformby gross floor area (GFA) and by value of the assets owned directly and by the funds and investment vehicles it manages. Co-founded by its senior management team and Warburg Pincus, ESR and the funds and investment vehicles it manages are backed by some of the world’s preeminent investors including APG, SK Holdings, JD.com, CPP Investments, OMERS, PGGM and Ping An. The ESR platform spans across the People’s Republic of China, Japan, South Korea, Singapore, Australia and India. As of 30 June 2020, the fair value of the properties directly held by ESR and the assets under management with respect to the funds and investment vehicles managed by ESR recorded approximately US$26.5 billion, and GFA of properties completed and under development as well as GFA to bebuilt on land held for future development comprised 18.7 million sqm in total. ESR has been listed on the Main Board of The Stock Exchange of Hong Kong Limited since 1 November 2019.