ESR Group, APAC’s largest real asset manager powered by the New Economy and the third largest listed real estate investment manager globally, has plans to invest INR 400 crore ($49 million) for the construction and development of an industrial and warehousing park, catering to the electric vehicle (EV) manufacturing industry in India.
ESR acquired 38 acres with a development potential of 1 million square feet in Sanand, in the Indian state of Gujarat, marking the firm’s second investment in Gujarat.
The EV market in India is expected to grow at an annual rate of 90 percent in this decade. The asset manager said this project aims to create a focused space for established and emerging EV manufacturing and ancillary units to expand their presence in Ahmedabad, which is becoming a conducive EV manufacturing destination supported by progressive policies and an existing automobile ecosystem.
The location is close to Sanand Gujarat Industrial Development Corp. (GID