Logiy Spaces in association with AA Holdings will build a 1 million square feet industrial and logistics park at Narasapura in Karnataka with an investment of USD 37 million (around ₹300 crore). As per schedule, the project will be completed by September 2023.
As per a recent statement released by AA Holdings, it has formed a joint venture with Logiy Spaces to invest USD 37 million for the development of the logistics park.
“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,” said Abhijit Verma, the MD and CEO of AA Holdings.
“We will be developing 1 million square feet of industrial and logistics park in the suburbs of Karnataka at an investment outlay of USD 37 million. This project will be executed in a joint venture with Logiy Spaces,” he added.
Narasapura is one of the biggest industrial regions in Karnataka, under the district jurisdiction of Kolar and is well connected to notable cities and highways of Kolar, Malur, Hoskote, Bangalore, Chennai, Chittoor and NH 4 among others.
AA Holdings and Logiy Spaces target to deliver a minimum of 5 million square feet by 2024, with an estimated capital infusion of USD 200 million.
B R Venkatesh Kumar, Managing Director of Logiy Spaces India, said, the company has partnered with AA Holdings as it found synergies in vision of establishing a world class warehousing infrastructure.
Source: Live Mint