Warburg, Embassy Group form $250 million joint venture for industrial parks

BENGALURU: Global private equity firm Warburg Pincus and real estate developer Embassy Group have formed a $250 million joint venture to set up industrial parks across the country.

“Embassy Industrial Park, a joint venture platform between the two partners, will have an equity commitment of $175 million from Warburg, while Embassy will put in $75 million in the JV for acquiring land parcels and development of industrial parks,” said Anshul Singhal CEO of the joint venture company.

The Bengaluru-based company recently floated Embassy Industrial Parks to undertake development of industrial and logistic parks across the country. The new business, which will build and lease spaces close to cities, aims to meet the needs of sectors such as consumer goods, retail, ecommerce and auto ancillary.

Embassy Industrial Parks plans to set up around 1520million sq ft of industrial parks over the next five years close to cities like Bengaluru, Chennai, Delhi, Mumbai, Ahmedabad and Pune.

In August, Embassy Industrial Parks had partnered with Canada-based real estate investor Brookfield Asset Management to develop a 200acre industrial park in Sriperumbudur in Chennai.