ESR India to invest Rs 550 crore in TN

ESR India and the state government have signed a memorandum of understanding (MoU) to this effect at the Investment Conclave 2021 conference held on Wednesday. The MoU is signed for the launch of two industrial parks in Kancheepuram and Krishnagiri districts of the state over the next five years. 

Once fully operational, the two projects have the potential to create over 4,400 jobs in the facility. 

ESR India said the MoU will facilitate its proposed investment at Kancheepuram and Krishnagiri industrial parks by helping in streamlining land acquisition, approvals, clearances, and administrative processes as per existing policies, rules, and regulations of the state government. 

“The government of Tamil Nadu has been supportive in encouraging industrial developments in the state by creating a favourable business climate for industrial players,” Abhijit Malkani, CEO and Country Head, ESR India said. 

“The MoU will see ESR invest Rs 550 crore to develop industrial parks in TN, offering 1,800 direct and 2,600 indirect job opportunities in the facility,” he added. 

ESR India is present across 9 cities and 15 locations with a total gross floor area of 18 million square feet. As of December 31, 2020, the fair value of the properties directly held by ESR and the assets under management with respect to the funds and investment vehicles managed by ESR recorded about $30 billion.