Real Estate Giant ESR Group Steps into Odisha with Rs. 360 Crore Investment
ESR Group, an Asia Pacific-focused real estate services and investment firm, plans to build a 1.2 million-square-foot logistics park in Cuttack, Odisha, and has already purchased 57 acres of land for the project.
The Hong Kong Stock Exchange-listed company intends to invest Rs 360 crore in the development and construction of ESR Cuttack Logistics Park, the region's only institutional-grade facility with grade-A specifications.
Following the acquisition of ESR Uluberia Logistics Park in Kolkata, the company is expanding into Odisha to strengthen its position in the eastern region.
“ESR Cuttack Logistics Park assumes a pivotal role in reshaping the next phase of expansion for ecommerce, retail and 3PL customers. The steadfast growth of online and retail consumers in Odisha has motivated us to expand in the region and offer a best-in-class facility integrated with green building features,” said Abhijit Malkani, CEO of ESR India.
According to him, ESR Cuttack Logistics Park will transform the micromarket warehousing scenario and meet businesses' evolving demands for seamless supply chain efficiency.
The land for the ESR Cuttack Logistics Park has been purchased, along with one operational building that has been fully leased and occupied by one of India's largest e-commerce companies.
The company is nearing the end of the second building's construction. The entire park is expected to house six buildings, catering to the expansion of India's e-commerce and retail brands.