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Singapore-based Xander Investment Management (“Xander”) today announced that its industrial platform has acquired an additional 1 million square feet of warehousing space in Free Trade and Warehousing Zone (“FTWZ”) located at Sriperumbudur, near Chennai, Tamil Nadu.
Xander already owns 1 million square feet of warehouses in the FTWZ acquired over the last decade, and the new acquisition will immediately double its ownership in the park to 2 million square feet.
Notified as the first FTWZ in India, and recently approved as a Multi-Sector SEZ, the park provides Grade-A warehousing and industrial facilities to global operators and manufacturers. Current occupiers include companies like DHL, DB Schenker, Kerry Indev, TVS Supply Chain, and Seaways Supply Chain.
Speaking on the development, Xander’s spokesperson said, “The expansion in JMFTZ is fueled by strong tenant performance and enhanced demand from existing and new occupiers. The new facilities will provide a further thrust to the logistics and manufacturing sectors in the region and act as a catalyst for more rapid economic development in Tamil Nadu. We are leveraging our expertise and knowledge to design best in class industrial/ logistics infrastructure with an emphasis on ESG and sustainability.”
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, are home to a large number of electronics and auto/auto ancillary companies.
Commenting on the acquisition, 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.”