ESR India has signed an agreement with the state government of Maharashtra to invest INR4.310 crore (€493m) to develop 11 industrial logistics parks around Mumbai and Pune.

Abhijit Malkani and Jai Mirpuri, country heads of ESR India, said the memorandums with Indian authorities would fast-track investment into these projects, accelerate their development, and help attract more multinational and national companies to Maharashtra.

ESR India has rapidly stepped up its operations in India since entering the market in 2018 when it established its first logistics and infrastructure park in Pune.

Within months, ESR India had entered a strategic partnership with investment manager Allianz Real Estate to invest around US$1bn (€840m).

In recent months, the Indian arm of Asia-Pacific logistics property ESR has signed a number of partnership deals with Indian real estate and investment firms, including a partnership with Mumbai-based Lodha Group for an equal joint venture to develop a US$100m industrial park in Mumbai.

Currently, ESR India has a presence across eight Indian cities, its assets offering a total gross floor area of 15.1m sqft.

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