The Indian arm of Asia-Pacific logistics property group ESR has partnered with Future Group to develop two industrial and warehousing parks in Nagpur and Jhajjar.
ESR India Investments Holdings and the Indian retail conglomerate’s Future Market Networks plan to invest nearly Rs300 crore (€37.8m) to develop the assets to service the northern and central regions.
ESR is a majority partner in the venture.
The two sites with a total area of 75 acres, has a developable area of 1.3m sqft.
Abhijit Malkani and Jai Mirpuri, country heads of ESR India, said the partnership will strengthen ESR’s presence in India to six cities and “we expect this strategic alliance to expand further in several newer geographies in the next one to two years”.
Jeffrey Shen and Stuart Gibson, co-founders and co-CEOs of ESR, jointly said: “This strategic collaboration between Future Group and ESR India marks a significant development for both companies, as well as the logistics and industrial real estate sector in India.”
Kishore Biyani, group CEO, Future Group said: “ESR shall bring in their expertise to develop these strategically located assets to service India’s rapidly growing logistics industry.”