ESR India, an industrial and logistics real estate platform, has agreed with the Tamil Nadu government to launch two industrial parks for a potential investment of Rs 550 crore. The parks are located in Kancheepuram and Krishnagiri districts and will be completed during the next five years. Once fully operational, the two projects have the potential to create over 4,400 jobs.

• Piramal Finance Q2 Profit Jumps 67% to Rs 545 Cr
• IRDAI plans lower commissions, minor hit for PSU Banks
• SML Mahindra Q2 Sales Rise 20.7% but Profit Falls 44%
• Hindustan Zinc Q2 Profit Jumps 142% to Record Rs 6,412 Cr
• Aeroflex Industries Gets Indian Patent for 3D Hose Design Tool

The memorandum of understanding (MoU), which was signed at the Investment Conclave 2021 conference on Wednesday, will facilitate ESR India’s proposed investment at the Kancheepuram and Krishnagiri industrial parks by helping to streamline land acquisition, approvals, clearances, and administrative processes as per existing policies, rules, and regulations of the state government.

“…The government of Tamil Nadu has been very supportive in encouraging industrial developments in the state by creating a favorable business climate for industrial players. The MoU will see ESR invest Rs 550 crore in developing industrial parks in Tamil Nadu, offering 1,800 direct and 2,600 indirect job opportunities in the facility,” said Abhijit Malkani, CEO and country head, ESR India.