Singapore-based Xander Investment Management announced that its industrial platform has acquired an additional 1 million square feet of warehousing space in free trade and warehousing zone located in Sriperumbudur.

Singapore based Xander Investments Management announced that its industrial platform has acquired 1 million sq.ft of warehousing space in FTWZ located in Sriperumbudur, near Chennai. Xander already owns 1 million sq.ft of warehousing space in the FTWZ acquired over the last decade and the new acquisition will double its ownership in the park to 2 million sq.ft.

Notified as the first FTWZ in India and recently approved as the multi-sector SEZ, the park provides Grade A warehousing and industrial facilities to global operators and manufacturers. Current occupiers include DHL, DB Schenker, Kerry Indev, TVS Supply Chain.

The FTWZ is strategically located on the high growth Chennai-Bengaluru Industrial Corridor (CBIC) with excellent connectivity to Chennai, Ennore and Kamrajar Ports, which together account for ~20% of container traffic in India. It is also in close proximity to major industrial belts like Oragadam. Maraimalai Nagar, Tiruvallur and Kanchipuram, which are home to a large number of electronics and auto/auto ancillary companies.

Sunil Rallan, CMD at JMFTZ, said “The recognition of FTWZ as a multi sector special economic zone provides enormous growth opportunity to attract relocating supply chains which are seeking to set up manufacturing in the CBIC. Being asset light is the mantra for most of the relocating supply chains. FTWZ has already provided over 1,000 new jobs and further expansion will create more employment and immensely contribute to the local economy. With one third of exports from SEZs, it has the potential to become a strong pillar of the Indian economy.”

Source: Financial Express