Shriram Properties to sell 90 acres of land to LOGOS in Kolkata

27 Apr 2022 CW Team

Bengaluru-based Shriram Properties Ltd has entered into an agreement with LOGOS for a potential sale of up to 90 acres of land in Shriram Grand City at Uttarpara in Kolkata for a logistics park.

Logos will invest about $100 million in the project, including land and development costs, and plans to construct 2.2 million sq ft of industrial and warehousing space. This will also be the company's first project in West Bengal.

LOGOS plans to create the land into a modern and sustainable logistics park.

The officials said that the company is likely to invest Rs 766 crore in the project, which could create 50,000 direct and indirect jobs in West Bengal.

Managing Director and Co-CEO of LOGOS Trent Iliffe told the media that the company is looking forward to working with SPL on this future transaction and entering West Bengal, the leading gateway to Eastern India, to bring best practices in ESG and high-quality logistics and infrastructure to this market.

Chairman and Managing Director of Shriram Properties Ltd, M Murali, told the media that LOGOS’ offered investment in Shriram Grand City would change the micro-market and allow us to realise superior value for both stakeholders of companies.

The transaction is likely to be completed in the second half of 2022-23 on fulfilment of due diligence and regulatory approvals.

Shriram Properties is now developing an integrated township project, Shriram Grand City, on 314 acres it holds at Uttarpara. Residential apartments on around 4.5 million sq ft for 5,500 families are under development, of which over 500 houses will be handed over later this year.

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Also read: Shriram Properties records Rs 13.21 cr profit in Dec quarter

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