Construction work will commence in March 2016
Representational Image (Photo credit: www.embassyindia.com)
Chennai: Bengaluru-based property developer Embassy Group has tied up with Canada-based private equity player Brookfield Asset Management to set up a 198-acre industrial and warehousing park at Sriperumbudur.
The company signed an MoU for Rs 900 crore investment with Tamil Nadu government on the sidelines of Global Investors Meet here on Thursday.
The group had acquired land in Sriperumbudur in mid-July, said Anshul Singhal, Chief Executive Officer, Embassy Industrial Parks.
“Construction work will commence in March 2016 and the park will be operational by 2017,” he said.
The industrial park, which will house companies in sectors like auto ancillaries, aviation and logistics and wear housing, will provide build-to-suit factory building and warehousing facilities to industrial and logistics clients on a lease rental basis.
The project will also have options for industrial land with ready infrastructure for manufacturers to set up their own factories.
The development will further include best in class industrial infrastructure along with amenities.
“With Make in India and GST, we foresee a huge demand for plug and play Industrial and warehousing space.
Embassy Industrial Parks will host world class infrastructure that will help both multinational and domestic companies set up factory operations in Tamil Nadu without losing time and capital,” affirmed Singhal.
Singapore firm to offer 1,000 jobs
To fasttrack development of infrastructure and skilled workforce in Tamil Nadu, Singapore-based KEF Holdings has signed a memorandum of understanding (MoU) with the state government for setting up the world’s largest integrated facility for offsite construction.
Under the agreement, the company will invest Rs 650 crore in two phases in the state and provide employment opportunities to over 1,000 people.
As a part of phase-1, the company will invest Rs 390 crore and offer employment to more than 500 people.
This will be followed by the second phase in January 2016 with a further investment of Rs 260 crore and employment to an additional number of 500 individuals.
Commenting on this partnership Faizal E. Kottikollon, Founder and Chairman of KEF Holdings said: “At KEF Industrial Park in Krishnagiri, the company will enhance local manufacturing by building materials through leveraging state of the art technology while boosting the nation's workforce.”
( Source : deccan chronicle )
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