Lodha and ESR to Develop Industrial Park in Mumbai
Lodha Group has formed a joint venture with ESR India, the India platform of leading Asia Pacific logistics real estate platform, for the development of ESR-Lodha Industrial Park at Palava City (the “Industrial Park”). Lodha Group has established a track record in rental asset classes like logistics, industrial, offices and retail. Through this landmark collaboration that leverages Lodha Group’s development expertise and ESR’s industrial know-how, the two parties will build a best-in-class industrial park which comprises 17 institutional-grade speculative and non-speculative buildings developed on an 89-acre site. Moreover, it is expected to be the first and largest master-planned industrial park in Mumbai, India.
The total investment is estimated to be $100 million. The development is part of the 170-acre Industrial Park at Palava City which will include non-polluting manufacturing, logistics and warehousing. The partnership holds a great significance as it comes immediately after the election. It reflects the market’s confidence in India’s economic prospect and foreign cross-sector collaborations. ESR-Lodha Industrial Park at Palava City will be the only industrial park development within the area as an extension of Palava City, the first greenfield integrated smart city in India.
ESR-Lodha Industrial Park at Palava City will be the only industrial park development within the area as an extension of Palava City, the first greenfield integrated smart city in India. Strategically located at Palava in the Mumbai Metropolitan Region, and conveniently connected with major infrastructure and transportation systems including the Taloja-Khoni Road, Jawaharlal Nehru Port Trust (JNPT) and the upcoming Navi Mumbai International Airport, the industrial park neighbours some of the largest multinational and domestic corporations from a variety of industries.
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