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Raheja to set up Logistics Park in Bengal
| September 17, 2008 |  (Be the first to rate this story!) Loading ... |
K Raheja Corp will be constructing a Rs 2,300 crore logistics park in West Bengal, which is likely to be followed by similar projects in Karnataka, Tamil Nadu and Maharashtra. The company has tied up with ProLogis, the US-headquartered industrial real estate developer, for the initiative and has signed a MoU with the West Bengal Industrial Infrastructure Development Corporation (WBIIDC) to set up the project in the state some time back. The realty biggie is scouting for suitable locations to execute the project in the state through a special purpose vehicle. Subsequently, the firm plans to expand its portfolio of properties by developing 7.5 m sq ft over the next three years in warehousing and logistics parks under the 50:50 joint venture.
Vishwas Dhumal, K Raheja Corp CEO (industrial infrastructure and logistics division), said the company will provide backend support to the manufacturing and retailing segment. However, the company is looking to develop a land bank to house its behemoth industrial projects. The firm plans to bring more acres under its fold in metros —- Bangalore (140 acres), Chennai (120 acres), Kolkata (50 acres); Mumbai (70 acres). “We have already acquired 27 acres near Pune. We are in advanced talks to make similar acquisitions. The land for the Kolkata plant will be directly acquired by Raheja’s or the company may buyout the existing land from WBIIDC,” he added. WBIIDC CEO Sumanta Chaudhuri said, “The corporation will require around 50 acres of land to set up the facility. WBIIDC is in the process of identifying land in Bengal for the same.”
ProLogis is a leading owner, manager and developer of distribution facilities in the world, has operations in 118 countries across North America, Europe and Asia. The company has assets worth $36.3 billion, comprising 510.2 million sq ft of warehousing and logistics space.
News Published Under: Real Estate Developers |
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