“In 2017, IndoSpace acquired 140 acres from METL in Badli, Haryana. The latest acquisition strengthens the relationship,” IndoSpace said. METL is a 100% subsidiary of Reliance Industries (RIL).
The Farukhnagar micro-market has grown exponentially over the last few years and has emerged as a major warehousing and industrial destination in NCR. The proposed development will meet the rising demand in Delhi NCR for world-class Grade A warehousing space from 3PL, FMCG, and e-commerce sectors, it added.
Everstone group vice-chairman (real estate), Rajesh Jaggi 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.”
IndoSpace has a portfolio of over 41 million sq ft across 39 industrial and logistics parks under various stages of development in nine major consumption hubs in India.