Xander acquires 1 mn sq ft in Chennai Free Trade Warehousing Zone

01 Sep 2021

Singapore-based Xander Investment Management’s industrial platform has acquired an additional 1 million sq ft of warehousing space in the Free Trade and Warehousing Zone (FTWZ) located in Sriperumbudur, near Chennai, Tamil Nadu. Xander already owns 1 million sq ft of warehouses in the FTWZ acquired over the last decade, and the new acquisition will immediately double its ownership in the park to 2 million sq ft.

Notified as the first FTWZ in India, and recently approved as a multisector SEZ, the park, also known as the J Matadee Free Trade Zone (JMFTZ), provides Grade-A warehousing and industrial facilities to global operators and manufacturers. Current occupiers include companies like DHL, DB Schenker, Kerry Indev, TVS Supply Chain and Seaways Supply Chain.

“The expansion in JMFTZ is fuelled by strong tenant performance and enhanced demand from existing and new occupiers,” commented a Xander spokesperson. “The new facilities will provide a further thrust to the logistics and manufacturing sectors in the region and act as a catalyst for more rapid economic development in Tamil Nadu. We are leveraging our expertise and knowledge to design best-in-class industrial/ logistics infrastructure with an emphasis on ESG and sustainability.”

Sunil Rallan, Chairman & Managing Director, JMFTZ, said, “The recognition of the FTWZ as a multisector SEZ provides enormous growth opportunity to attract relocating supply chains that are seeking to set up manufacturing in the CBIC (Chennai Bengaluru Industrial Corridor). Being asset-light is the mantra for most relocating supply chains. The FTWZ has already provided over 1,000 new jobs and further expansion will create more employment and immensely contribute to the local economy. With one-third of exports from SEZs, it has the potential to become a strong pillar of the Indian economy.”