+
ESR Group invests Rs 360 Bn in Odisha Logistics Park
WAREHOUSING & LOGISTICS

ESR Group invests Rs 360 Bn in Odisha Logistics Park

On September 13, ESR Group announced its acquisition of 57 acres of land in Cuttack, Odisha, with plans to develop a logistics park at an investment of approximately Rs 360 crore. ESR, a prominent asset manager in the Asia Pacific region, disclosed that this development holds a total potential of 1.2 million square feet.

ESR Cuttack Logistics Park aims to play a pivotal role in supporting the expansion of e-commerce, retail, and third-party logistics (3PL) customers. Abhijit Malkani, CEO of ESR India, noted the growing online and retail consumer base in Odisha as a motivation for the expansion. The facility will integrate green building features to provide a top-notch logistical solution.

The logistics park's initial acquisition included one operational building, which is now fully leased to one of India's largest e-commerce companies. ESR is currently working on the construction of a second building, with plans to accommodate a total of six buildings at the site.

ESR Cuttack Logistics Park holds strategic significance in the eastern part of India, where large, scalable development sites are relatively rare. This marks ESR's entry into the Odisha market.

The demand for logistics facilities in Odisha has surged due to robust economic growth, with the Gross State Domestic Product (GSDP) averaging an annual growth rate of 7.9% over the last decade (excluding the COVID-19-affected year 2020-21). Factors such as increased income, purchasing power, and digital penetration have further fueled this growth.

The warehousing demand is primarily driven by various sectors, including 3PLs, e-commerce, retail, consumer goods, durables, paints, chemicals, automobiles, and ancillaries.

As of June 30, 2023, ESR has a development work-in-progress worth USD 13 billion. ESR India, a subsidiary of ESR Group, specializes in industrial and logistics real estate development and management, with assets under management (AUM) totalling around USD 1.6 billion.

On September 13, ESR Group announced its acquisition of 57 acres of land in Cuttack, Odisha, with plans to develop a logistics park at an investment of approximately Rs 360 crore. ESR, a prominent asset manager in the Asia Pacific region, disclosed that this development holds a total potential of 1.2 million square feet.ESR Cuttack Logistics Park aims to play a pivotal role in supporting the expansion of e-commerce, retail, and third-party logistics (3PL) customers. Abhijit Malkani, CEO of ESR India, noted the growing online and retail consumer base in Odisha as a motivation for the expansion. The facility will integrate green building features to provide a top-notch logistical solution.The logistics park's initial acquisition included one operational building, which is now fully leased to one of India's largest e-commerce companies. ESR is currently working on the construction of a second building, with plans to accommodate a total of six buildings at the site.ESR Cuttack Logistics Park holds strategic significance in the eastern part of India, where large, scalable development sites are relatively rare. This marks ESR's entry into the Odisha market.The demand for logistics facilities in Odisha has surged due to robust economic growth, with the Gross State Domestic Product (GSDP) averaging an annual growth rate of 7.9% over the last decade (excluding the COVID-19-affected year 2020-21). Factors such as increased income, purchasing power, and digital penetration have further fueled this growth.The warehousing demand is primarily driven by various sectors, including 3PLs, e-commerce, retail, consumer goods, durables, paints, chemicals, automobiles, and ancillaries.As of June 30, 2023, ESR has a development work-in-progress worth USD 13 billion. ESR India, a subsidiary of ESR Group, specializes in industrial and logistics real estate development and management, with assets under management (AUM) totalling around USD 1.6 billion.

Related Stories

Gold Stories

Next Story
Products

Interio by Godrej launches modular workplace solutions

Interio by Godrej has launched Workscapes, a modular workplace solutions category designed to help organisations configure and adapt workspaces to changing requirements. The portfolio combines mobile and compatible furniture and support elements that can be rearranged across different work modes without changes to fixed layouts.Workscapes includes Collaboration Tables, Privacy Solutions, Mobile Markerboards and Space Dividers, Power Solutions, Storage and Support Elements, Meeting and Presentation Tools, and Seating Elements. The range is designed for focused work, collaboration, informal disc..

Next Story
Infrastructure Urban

CAFE-III Gives Auto Industry Investment Clarity

The government’s new Corporate Average Fuel Economy (CAFE-III) norms have provided the automobile industry with a clearer framework for technology investments, according to industry representatives. The framework seeks to balance environmental objectives with flexibility for manufacturers while encouraging the adoption of flex-fuel vehicles and biofuels. Society of Indian Automobile Manufacturers (SIAM) President Shenu Agarwal said the five-year framework would give automakers greater predictability to plan investments and accelerate innovation. He said the regulation established annual targ..

Next Story
Infrastructure Energy

Mines Ministry to Auction Two Offshore Mineral Blocks in Andaman Sea

The Ministry of Mines will launch an auction of two offshore mineral blocks in the Andaman Sea on Thursday, seeking to unlock India’s offshore mineral potential and strengthen long-term mineral resource security. The blocks will be offered under a composite licence, which permits exploration and development activities in accordance with the applicable regulatory framework. The ministry said the auction was intended to encourage systematic exploration, attract investment and promote the use of advanced technologies for offshore mineral exploration and development. The initiative is also aimed..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code