AA Holdings, Logiy Spaces partner to invest $37 m to develop a 1 million sq ft logistics and industrial park in Karnataka

Bengaluru, September 23, 2022: AA Holdings, an industrial and warehousing development firm, on Friday announced a joint venture with Industrial and Logistic Parks developer Logiy Spaces to invest $37 million for the development of 1 million square feet of industrial and logistics’ park at Narasapura, Karnataka.

The project is scheduled for completion by Sept 2023. According to a press release issued by the company, the project has already received soft commitments from some of the marquee clients from across the globe. Narasapura is one of the biggest industrial regions in Karnataka, under the district jurisdiction of Kolar.

Commenting on the JV, Abhijit Verma, Chief Executive Officer/Managing Director at AA Holdings said, “We are pleased to announce that we are taking our vision ahead and will be developing 1 million square feet of industrial and logistics park in the suburbs of Karnataka at an investment outlay of $37 million. This project will be executed in a joint venture with Logiy Spaces which is one of the most promising industrial and logistics park developers in the country”.

AA Holdings and Logiy Spaces together, aims to deliver a minimum of 5 million square feet by 2024, with an estimated capital infusion of $200 million.

BR Venkatesh Kumar, Managing Director of Logiy Spaces India said, “We are pleased to have partnered with AA Holdings to develop a 1 million square feet park as we found synergies in our vision of establishing a world class warehousing infrastructure in the country while creating opportunities for ecosystem partners. With our joint venture, we will be creating immense opportunities for small and micro land owners and elevate them into becoming a quality developer, catering to the economic growth of the country”.