Arvind SmartSpaces Limited (ASL), the real-estate arm of Ahmedabad-based textile major Arvind Ltd, on Monday said that it has signed an agreement for a ₹1350 crore industrial park that will be spread on an estimated 440 acres near Ahmedabad.
This mega project, located on NH47, Bavla-Bagodara Road, will be developed under a joint development model(70.5 per cent revenue share), stated an official release.
The project is located at a tri-junction that connects the project to Saurashtra region, Vadodara, Ahmedabad and key ports like Kandla, Mundra and Pipavav. The project is also located close to Dedicated Freight Corridor (DFC) and the upcoming Dholera Special Investment Region.
Commenting on this development, Mr. Kamal Singal, Managing Director and CEO, Arvind Smartspaces said, “We are excited to diversify our horizontal product mix in Ahmedabad and add a large industrial park to our portfolio. With this industrial plotted development, we have further augmented our horizontal portfolio and now have about 77 million square feet of projects in the Ahmedabad region. Given the healthy performance of the Ahmedabad economy, industrial park development market presents a sustainable and sizeable opportunity, and we remain at the forefront to address it.”
“Our Business Development initiatives are shaping up well and the cumulative new business development topline potential stands at more than ~₹3,850 Cr for the current year to date. We look forward to add projects across our target markets of MMR, Bengaluru and Ahmedabad in the coming quarters.”
The project is envisaged to be one of the largest industrial parks in Gujarat with end-to-end ecosystem to ensure a thriving environment for industries. The proposed infrastructure includes a common effluent treatment plant(CETP), Zero Liquid Discharge (ZLD), labour housing, executive housing, weight bridge, logistics zones, etc.