BUSINESS

ESR to Invest Rs 550 Crore in Two Industrial Parks in Chennai

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.

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.

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