Embassy Group, a leading real estate developer, has signed an agreement with an affiliate of Warburg Pincus, a leading global private equity firm, to form Embassy Industrial Parks, a joint venture that will build industrial and warehousing space across India.

Embassy Industrial Parks will have an equity commitment of up to ₹1,625 crore ($250 million) to fund land acquisition and development.

The joint venture marks the Embassy Group’s entry into the development of industrial and warehousing space near major cities in the country.

According to a press release, the market for modern industrial and warehousing space is rapidly expanding and is estimated to reach 125 million sq ft over the next five years. The business will primarily operate on the lease-rental model that the Embassy Group has deployed in its commercial projects. The industrial and warehousing spaces are targeted at industrial verticals such as 3PL, e-commerce, FMCG, automobile ancillaries and retail.

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