IndoSpace and METL's joint venture acquires 55 acres in Farukhnagar
Mar 10, 2021
New Delhi [India], March 10 : IndoSpace, India's largest developer and manager of Grade A industrial real estate and logistics parks, on Wednesday announced the acquisition of 55 acres of land at Farukhnagar in Haryana.
This acquisition is a joint venture with Model Economic Township Limited (METL), a 100 per cent subsidiary of Reliance Industries Limited, and has a development potential of 1.28 million square feet.
With this, IndoSpace has expanded its footprint in Delhi-NCR to over 480 acres across eight parks.
According to a media release, the partnership reiterates the strong association between IndoSpace and Model Economic Township Limited. In 2017, IndoSpace had acquired 120 acres from METL in Badli, Haryana.
The Farukhnagar micro-market has grown exponentially over the last few years and has emerged as a major warehousing and industrial destination in the Delhi NCR. Farukhnagar is close to Gurugram, New Delhi and other major manufacturing and consumption centers, and has fully developed social and physical infrastructure.
This proposed development will meet the rising demand in Delhi-NCR for world-class Grade A warehousing space from 3PL, FMCG, and e-commerce sectors.
"We are excited to enter one of the fastest-growing industrial zones in partnership with METL as we continue to evaluate opportunities across the country. METL's expertise in developing large-scale industrial infrastructure in this micro-market will add significant value to this partnership. This project highlights IndoSpace's focus on supporting the growth of India's logistics sector, which will continue to expand robustly due to improved warehousing infrastructure," said Rajesh Jaggi, Vice-Chairman - Real Estate, Everstone Group.
"We are happy to partner with IndoSpace to develop this world-class facility. This project is testimony to our pioneering efforts to attract world-class companies through best-in-class infrastructure and establish the primacy of METL in the industrial and logistics map of Delhi NCR," said Shrivallabh Goyal, Whole-Time Director and CEO, METL.
The logistics and industrial real estate sector has shown stupendous growth in the Delhi NCR region. The partnerships between IndoSpace and METL will contribute significantly to the transformation of the sector, according to the release.
The partnership will benefit IndoSpace's regional presence and strengthen its investment strategy. This will enable IndoSpace to focus on completing multiple due diligence processes parallelly and in a timebound manner.
Adding to its pan-India presence, the acquisition will help IndoSpace grow its footprint strategically across this region while attaining its long-term goal of 120 million square feet of modern logistics infrastructure across India.
IndoSpace has a portfolio of over 41 million square feet across 39 industrial and logistics parks under various stages of development in nine major consumption hubs in India.
