IndoSpace, which invests and develops industrial and logistics parks, and Model Economic Township, a subsidiary of Reliance Industries, have jointly acquired 55 acres at Farukhnagar, in Haryana, to develop a warehousing facility.
The land parcel has development potential of 1.28 million sq ft. With this, IndoSpace, which is backed by Everstone Group, GLP and Realterm, has expanded its footprint in Delhi-National Capital Region (NCR) to over 480 acres across eight industrial parks. The value of the acquisition was not disclosed.
This is the second time IndoSpace and Model Economic Township have collaborated after 2017, when the former acquired 140 acres from the RIL unit in Badli, Haryana.
The Farukhnagar micro-market has emerged as an important warehousing and industrial location in Delhi-NCR.
Rajesh Jaggi, Vice-Chairman– Real-Estate, Everstone Group said in a statement, “We are excited to enter one of the fastest growing industrial zones in partnership with Model Economic Township as we continue to evaluate opportunities across the country. Model Economic Township’s expertise in developing large-scale industrial infrastructure in this micro-market will add significant value to this partnership. This project highlights IndoSpace’s focus on supporting the growth of India’s logistics sector, which will continue to expand robustly due to improved warehousing infrastructure.”
“We are happy to partner with IndoSpace to develop this world-class facility. This project is testimony to our pioneering efforts to attract world-class companies through best-in-class infrastructure and establish primacy of Model Economic Township in the industrial and logistics map of Delhi NCR,” said Shrivallabh Goyal, whole-time Director and CEO, Model Economic Township.
