ESR To Develop New Logistic Park in Chennai
Logistics developer e-Shang Redwood (ESR) has acquired a 39-acre land parcel in Chennai’s Oragadam suburb for Rs 332 crore to develop an industrial park. ESR, a venture of private equity firm Warburg Pincus and global investors is also in talks to acquire another 60 acres of land in Chennai and 4
Published -
Aug 10, 2020 6:06 AM
Logistics developer e-Shang Redwood (ESR) has acquired a 39-acre land parcel in Chennai’s Oragadam suburb for Rs 332 crore to develop an industrial park. ESR, a venture of private equity firm Warburg Pincus and global investors is also in talks to acquire another 60 acres of land in Chennai and 40 acres in Lucknow. Chennai has 2,361 acres of warehousing land, the third largest in the country. ESR India has so far acquired 16.6 million sq ft of space in Mumbai, Pune, Ahmedabad, Chennai, Bengaluru, Hyderabad, NCR, Kolkata, Nagpur and Rajpura. The ESR platform spans across the People’s Republic of China, Japan, South Korea, Singapore, Australia and India. In FY 2020, 28% of the warehousing space was leased by ecommerce followed by the manufacturing sector at 24%. With the Covid-19 crisis, the ecommerce sector is set to gain a larger share in consumption due to a shift in buying behaviour, which is likely to accelerate demand for warehousing in forthcoming periods.
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