Private equity major Warburg Pincus and Embassy Group’s joint venture company Embassy Industrial Parks has acquired a 110-acre land parcel in Haryana’s Farrukhnagar town near Gurgaon.
The entity is looking to invest Rs 600 crore, including the land cost, to develop a 3-million Sq-ft industrial park on this plot. The industrial and warehousing solutions company has already leased out 1 million sq ft of this proposed development.
In 2015, Warburg Pincus and Embassy Group had together infused $250 million equity capital to build industrial and warehousing spaces across India. By the end of this year, the company will have 1million sq ft fully operational and 3 million sq ft of partly ready, under-construction, but leased space.
“Substantial part of this equity capital has already been deployed and we are open to investing more for right opportunities. By 2019-end, we will have 6-7 parks operational and by the end of 2020, we’ll increase this number to 9-10 operational parks,” Anshul Singhal, CEO, Embassy Industrial Parks, told ET.
The Farrukhnagar industrial park is part of Embassy Industrial Parks’ Rs 1,910-crore Memorandum of Understanding (MoU) with the government of Haryana. As part of this pact, the company has developed a 6 lakh sq ft industrial park in Bilaspur and that was also sold out before its completion.
This has resulted in Embassy leasing out total 1.6 million sq ft within 24 months since signing the Haryana government MOU.
This is a significant component of the 3.6 million sq ft available at these two next-generation industrial parks.