Embassy Industrial Parks, a joint venture between realty developer Embassy Group and private equity firm Warburg Pincus, will invest Rs 350 crore to build a 1.1-million sq ft industrial park at Chakan, Pune.
The project will mainly comprise built-to-suit factories ranging from 50,000 sq ft to 2 lakh sq ft in size, Embassy Industrial Parks’ CEO Anshul Singhal said. “The total project cost would come to around Rs 350 crore, which includes the cost of 52-acre land parcel which we bought last year,” Singhal said. “Construction has already started and we plan to deliver the project in two years.”
The company claims to have snapped up lease commitment for about 450,000 sq ft of the project. “We are looking at multinational companies in the space of light manufacturing and processing for the industrial park,” said Singhal.
