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Embassy announces Rs15000 cr projects in Karnataka

Projects

Property developer Embassy Group has signed an MoU and shared EoI (Expression of Interest) documents with the Government of Karnataka at the Global Investors Meet 2012, for the development of four mega projects in the state with a projected total investment of Rs15,000 crore. The projects will span the development of integrated IT parks for IT/ITES with commercial, residential and support facilities and a logistics park, which will mark Embassy Group’s strategic foray into the logistics and warehousing business.

Jitendra Virwani, chairman and managing director, Embassy Property Developments, said, “Having developed four business parks in Bangalore in the past decade offering workspace for over 2 lakh people, we are committed to the development of Karnataka and happy to make this announcement at GIM 2012. These projects envision the creation of workspace and infrastructure for close to 1 million people and can have a catalytic effect of creating another one million indirect jobs. The integrated parks will host infrastructure that can significantly help decongest the city as well as improve Karnataka’s contribution to the country’s export potential and international trade.”

While the integrated IT parks will come up in North Bangalore, the logistics park will be developed at Narsapur/Vembgal in the north eastern part of the city. Embassy has partnered with the Maini Group to form a joint venture, christened Embassy-Maini Logistics Bangalore Pvt. Ltd, for the development of this logistics park. This joint venture marks Embassy Group’s first ever foray into the business of logistics warehousing. Embassy and Maini have come together to develop and offer large format fully-fitted warehouses in major cities across India.

Delving further on his company’s maiden logistics project, Virwani said, “This is a strategic diversification initiative for us. And we are extremely happy to be partnering with the Maini Group. We believe there are valuable synergies in this partnership – while Embassy brings deep experience in developing land, design and construction, the Maini team brings in their rich expertise in design and manufacture of fit-outs and infrastructure for warehouses.”

Highlights of some of the key projects are:

Project: IT/ITES, BPO, Residential & other facilities
Location: ITIR – Doddaballapur SH 207
Area: 500 acres

Project: IT/ITES, BPO, Residential & other facilities
Location: Tarahunise
Area: 216.04 acres

Project: Warehouse (Logistics)
Location: Narasapura IInd Phase or Vembgal
Area: 200 acres

Project: Warehouse (Logistics)
Location: Doddaballapur
Area: 200 acres
 

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