AA Holdings and Logiy Spaces together, aims to deliver a minimum of 5 million square feet by 2024, with an estimated capital infusion of $200 million
AA Holdings, an industrial and warehousing development firm helmed by Abhijit Verma, announced a joint venture with industrial and logistic parks developer Logiy Spaces to invest $37 million for the development of 1 million square feet of industrial and logistics’ park at Narasapura, Karnataka.
The project is scheduled for completion by Sept 2023. Narasapura is one of the industrial regions in Karnataka, under the district jurisdiction of Kolar and is connected to notable cities and highways that of Kolar, Malur, Hoskote, Bangalore, Chennai, Chittoor, NH 4 among others.
Commenting on the joint venture, Abhijit Verma, chief executive officer/managing director at AA Holdings said, “In our endeavour to enable local landlords and aggregators to become successful micro entrepreneurs and fulfil the need for quality commercial spaces in the country, we floated AA Holdings to provide them the right guidance and mentorship. This project will be executed in a joint venture with Logiy Spaces .With this project, e-commerce, third-party logistics and companies in other sectors will find more avenues to expand their reach in the state with Narsapura at the centre of it.”
AA Holdings and Logiy Spaces together, aims to deliver a minimum of 5 million square feet by 2024, with an estimated capital infusion of $200 million. B.R. Venkatesh Kumar, managing director of Logiy Spaces India resonated with the views held by Abijit Verma.
According to the Warehousing Market in India 2022 report published by Netscribes (India) this year, the warehousing market in India is expected to grow to ₹2243.79 billion by 2026, expanding at a CAGR of 10.90%, with the Indian e-commerce industry playing a major role in this growth. Due to the pandemic-induced lockdowns, consumers started to rely on e-commerce players for the delivery of food and grocery items.
Source: Construction week