Real asset manager ESR has expanded its presence on the western coast of India with the acquisition of a 38-acre site in Gujarat for an industrial park project.
ESR, through its India business, said it expects to invest INR400 crores (β¬44.4m) for the construction of the site, which has a development potential of 1m sqft in Sanand.
The latest acquisition represents ESR Indiaβs second investment in Gujarat following the 37-acre Jalisana project.
ESR India is a developer and manager of industrial and logistics real estate with assets under management of approximately $1.7bn (β¬1.55bn) and over 2.2m sqm of gross floor area.
Abhijit Malkani, CEO of ESR India, said: βWe are thrilled to expand our presence in Gujarat and to add to the stateβs flourishing industrial ecosystem. Gujarat attracts one of the highest foreign direct investments in India and is currently turning into an EV battery manufacturing and assembly centre.
βThe availability of grade-A infrastructure in a strategic location like Sanand is essential for the regionβs industrial growth and will add to its EV manufacturing capacity.β
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