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Embassy group signs MoU with Tamil Nadu

BENGALURU: Property developer Embassy Group today said it has signed an MoU with Tamil Nadu government at the ‘Global Investors Meet 2015’, for the development of an industrial park in the state with a projected total investment of Rs 900 crore.

The projects will span the development of integrated Industrial and Logistics Parks with support facilities, the company said in a release.

This will mark Embassy Group’s strategic foray into the industrial, logistics and warehousing business, it added.

Embassy said the Industrial Parks will host world class infrastructure that will help both multi-national and domestic companies to set up factory operations in Tamil Nadu without losing time and capital.

Stating that the proposed 198 acre industrial and warehousing project will be developed 50 km from Chennai in the industrial area of Sriperumbudur, it said the development is envisaged to provide world class infrastructure for industrial locations for setting up research and development, manufacturing and assembly facilities.

The development will provide build-to-suit factory building and warehousing facilities to industrial and logistics clients on a lease rental basis, it said adding that the project will also have options for industrial land with ready infrastructure for manufacturers to set up their own factories.