A Holdings, an industrial and warehousing development firm helmed by Abhijit Verma, a real estate veteran, announced a JV with Industrial and Logistic Parks developer Logiy Spaces to invest $37 mn for the development of one mn sq ft of industrial and logistics park at Narasapura, Karnataka.
The ambitious project is scheduled for completion by Sept 2023. The project has already received soft commitments from some of the marquee clients from across the globe. Narasapura, an industrial region in Karnataka, under the district jurisdiction of Kolar and is well connected to cities and highways.
Commenting on the joint venture, Abhijit Verma, Chief Executive Officer/Managing Director at AA Holdings said, “In our endeavor to enable local landlords and aggregators to become successful micro-entrepreneurs and fulfill the need for quality commercial spaces in the country, we floated AA Holdings to provide them the right guidance and mentorship. We are pleased to announce that we are taking our vision ahead and will be developing 1 million square feet of an industrial and logistics park in the suburbs of Karnataka at an investment outlay of $37 mn. This project will be executed in a joint venture with Logiy Spaces which is one of the most promising industrial and logistics park developers in the country. He further added, 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 aim to deliver a minimum of 5 mn sq ft by 2024, with an estimated capital infusion of $200 mn.”
B.R. Venkatesh Kumar, Managing Director of Logiy Spaces India said, “India is one of the fastest growing markets in the world for warehousing infrastructure and we are at the forefront of developing state-of-the-art logistics and industrial facilities across the country. In this journey, we are pleased to have partnered with AA Holdings to develop a one mn sq ft park as we found synergies in our vision of establishing a world-class warehousing infrastructure in the country while creating opportunities for ecosystem partners. With our joint venture, we will be creating immense opportunities for small and micro land owners and elevating them into becoming quality developer, catering to the economic growth of the country.”
Source: Realty Plus