NE BUSINESS BUREAU
MUMBAI, MAR 10
Everstone-backed IndoSpace has formed a partnership with Reliance Industries arm METL to develop a 55-acre logistic park at Farukhnagar in Haryana.
Model Economic Township Ltd (METL) is a 100 percent subsidiary of Reliance Industries.
The land parcel has a development potential of 1.28 million square feet.
IndoSpace said in a statement it has acquired 55 acres at Farukhnagar in Haryana and this acquisition is a joint venture with the METL.
Sources said the METL will have a minority stake in the JV.
With this, IndoSpace has expanded its footprint in Delhi-NCR to over 480 acres across eight parks.
Rajesh Jaggi, Vice-Chairman – Real Estate, Everstone Group, said: “We are excited to enter one of the fastest-growing industrial zones in partnership with METL as we continue to evaluate opportunities across the country.”
METL’s expertise in developing large-scale industrial infrastructure in this micro-market will add significant value to this partnership, he added.
Shrivallabh Goyal, Whole-Time Director and Chief Executive Officer, METL, said: “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 the primacy of METL in the industrial and logistics map of Delhi NCR,” Goyal said.
IndoSpace has a portfolio of over 41 million square feet across 39 industrial and logistics parks under various stages of development in nine major consumption hubs in India.
IndoSpace is a leading investor, developer, and manager of Grade A industrial and logistics real estate in India and has taken the total commitment to India to above USD 3.2 billion.
In 2017, IndoSpace acquired 120 acres from METL in Badli, Haryana. The latest acquisition strengthens the relationship.
It is promoted by Everstone Group, GLP, and Realterm.
The Everstone Group is a premier India and South East Asia-focused private equity and real estate firm. GLP is the leading global provider of modern logistics facilities and technology-led solutions. Realterm is a multi-strategy private equity real estate operator in North America.
METL is engaged in the development of an integrated industrial township near New Delhi.
