Logistics parks in Karnataka will be launched by Embassy
Bangalore based real estate developer; Embassy Group and Maini Group have formed a joint venture with the state government to develop logistics parks in Karnataka.
The Embassy Group has a strong presence in the residential, commercial and IT/ITES space in Bangalore. The group has signed a Memorandum of Understanding (MoU) and shared Expression of Interest (EoI) documents with the Karnataka government for developing four mega projects in Karnataka.
According to an estimate the project will require a total investment of Rs 15000 crore. The project will be funded through internal accruals and equity infusion; will include the development of integrated IT parks for IT/ITES with commercial, residential projects in Bangalore and support facilities and a logistics park.
For the logistics park, the group will acquire 200 acres each in Narasapura IInd Phase or Vembgal and Doddaballapur, located in north-east part of Bangalore.
Embassy has developed over 29.8 million square feet of commercial, residential and retail space as of March 2012. It also has international operations in Malaysia and Serbia.
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Source: VCCircle
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