New Delhi, Apr 20 (PTI) Embassy Industrial Parks today said it has bought 24 acres of land in Haryana to develop a logistic park with a total investment of Rs 140 crore.Also Read - 7-Year-Old Girl Urges Karnataka CM to Fix Potholes in Bengaluru, Offers Her Pocket Money | Watch

Embassy Industrial Parks, a joint venture between the Embassy Group and Warburg Pincus, has been set up to develop industrial and logistic parks across the country. Also Read - Bengaluru: NCB Seizes Drug Worth Crores Hidden in Consignment of Lehengas | Deets Inside

With rapid growth of e-commerce and retail sectors, there is a rising demand of industrial and warehousing spaces and the company seeks to tap this market. Also Read - Vistara Flight Makes Emergency Landing In Indore; Passenger Declared Dead At Hospital

“We have bought 24 acres of land in Haryana for Rs 38 crore to develop a logistic park. We will invest another Rs 102 crore to construct this park in next 18 months,” the company’s CEO Anshul Singhal told PTI.

The logistic park, located on NH-8 near Bilaspur Chowk, will have a built-up area of 6.1 lakh sq ft to be leased to FMCG, pharma, retail, e-commerce and third party logistics firms.

“This project is part of an MoU which we have signed with Haryana government to invest Rs 1,900 crore in the state,” Singhal said.

He said the company has applied for necessary government approvals to start construction of this logistic park.

Property consultant CBRE helped the company in acquiring this land parcel.

Bengaluru-based Embassy Industrial Parks is developing an industrial park at Chakan comprising 1.1 million sq ft of space at an investment of Rs 350 crore. It is also planning to develop a park in Chennai.

“We are looking for land to develop more such projects,” Singhal said.

The warehousing sector has seen a steep growth from 2013 till 2016 and has achieved more than 55 per cent growth in India and over 45 per cent growth in NCR, he said.

The manufacturing facilities of Maruti, Honda, Hero motors and Subros amongst others and warehousing facilities of Decathlon, Amazon, TCI, Gati, Flipkart and Blue Dart are in close proximity to the acquired plot.

This is published unedited from the PTI feed.