ESR inks pact with Karnataka govt to invest Rs 2,500 crore

PTI, Nov 10, 2022, 8:09 AM IST

Bengaluru/New Delhi: ESR Group plans to invest Rs 2,500 crore in Karnataka to set up industrial and logistics parks, data centres, and urban distribution centres.

The company said in a statement that it has signed an ”MoU (Memorandum of Understanding) with the government of Karnataka, envisaging Rs 2,500 crore investment for setting up industrial and logistics parks, urban distribution centres and data centres.” This initiative will help generate 5,500 jobs in Karnataka.

The MoU was signed at the Invest Karnataka Global Investors meet in Bengaluru.

ESR India, part of the ESR Group, is a leading developer and manager of industrial and logistics real estate with assets under management of about USD 1.7 billion and over 18 million square feet of gross floor area.

Abhijit Malkani, CEO, ESR India said, ”Karnataka is a significant market for us due to its mature industrial ecosystem. We aim to bring world-class development expertise in industrial and logistics parks, urban distribution centres and data centres to enrich the state’s industrial, logistics and data infrastructure.” The agreement will accelerate development and attract more investments from multinational and national companies, he said.

”ESR has committed to a significant investment of Rs 2,500 crore over a period of three years,” Malkani said.

ESR India is currently present across 9 cities and 16 locations.

ESR is Asia-Pacific (APAC) region’s largest real asset manager and the third largest listed real estate investment manager globally.

With over USD 140 billion in total assets under management, ESR’s fully integrated development and investment management platform extends across key APAC markets, including China, Japan, South Korea, Australia, Singapore, India, New Zealand, and Southeast Asia.

ESR is the largest sponsor and manager of REITs (Real Estate Investment Trusts) in APAC with a total assets under management of USD 45 billion.