April 18, 2023
ESR acquires 38 acres in Gujarat
Real estate asset manager ESR Group has acquired 38 acres of land in Sanand, Gujarat with a development potential of 1 million sq ft warehousing and will invest ₹400 crore.
It will be ESR Group's second investment in Gujarat, the first being Jalisana, a 37-acre project.
The land is close to Sanand GIDC, home to 25 multinational and 300 domestic companies across automobile, auto ancillaries, FMCG, engineering, plastics, packaging, electronics and EV manufacturing.
ESR thinks that Ahmedabad is gradually becoming a conducive EV manufacturing destination supported by progressive policies and existing automobile ecosystem.
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Abhijit Malkani of ESR India: "Gujarat attracts one of the highest foreign direct investments in India and is currently turning into an EV battery manufacturing and assembly centre.”
“The availability of Grade A infrastructure in a strategic location like Sanand is essential for the region's industrial growth and will add to its EV manufacturing capacity."
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ESR Group also said that its proximity to the Ahmedabad city centre makes it an ideal location for warehousing for e-commerce and 3PL companies.
Ruchindra Gunasekara on Unsplash
ESR India is part of ESR Group and is a developer and manager of industrial and logistics real estate with assets of $1.7 billion and over 2.2 million sq. m. of gross floor area.
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