Latest News | Indospace Forms JV with RIL Arm to Develop 55-acre Logistic Park in Haryana

New Delhi, Mar 10 (PTI) Everstone-backed IndoSpace has formed a partnership with Reliance Industries arm METL to develop a 55-acre logistic park at Farukhnagar in Haryana.

Model Economic Township Ltd (METL) is a 100 per cent subsidiary of Reliance Industries.

The land parcel has a development potential of 1.28 million square feet.

IndoSpace said in a statement it has acquired 55 acres at Farukhnagar in Haryana and this acquisition is a joint venture with the METL.

Sources said the METL will have a minority stake in the JV.

With this, IndoSpace has expanded its footprint in Delhi-NCR to over 480 acres across eight parks.

Rajesh Jaggi, Vice-Chairman – Real Estate, Everstone Group, said: “We are excited to enter one of the fastest-growing industrial zones in partnership with METL as we continue to evaluate opportunities across the country."

METL's expertise in developing large-scale industrial infrastructure in this micro-market will add significant value to this partnership, he added.

Shrivallabh Goyal, Whole-Time Director and Chief Executive Officer, METL, said: “We are happy to partner with IndoSpace to develop this world-class facility."

"This project is testimony to our pioneering efforts to attract world-class companies through best-in-class infrastructure and establish the primacy of  METL in the industrial and logistics map of Delhi NCR," Goyal said.

IndoSpace has a portfolio of over 41 million square feet across 39 industrial and logistics parks under various stages of development in nine major consumption hubs in India.

IndoSpace is a leading investor, developer and manager of Grade A industrial and logistics real estate in India and has taken the total commitment to India to above USD 3.2 billion.

It is promoted by Everstone Group, GLP and Realterm.

The Everstone Group is a premier India and South East Asia focused private equity and real estate firm. GLP is the leading global provider of modern logistics facilities and technology-led solutions. Realterm is a multi-strategy private equity real estate operator in North America.

METL is engaged in the development of an integrated industrial township near New Delhi.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)