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BenchmarksCLOSED Nifty17,617.15-139.85 Created with Highcharts 9.3.2 View Full Chart BenchmarksCLOSED Sensex59,037.18-427.44 Created with Highcharts 9.3.2 View Full Chart NSE Gainer-Large Cap Biocon377.1012.90 Created with Highcharts 9.3.2 View Full Chart NSE Loser-Large Cap Zomato Ltd.113.65-11.55 Created with Highcharts 9.3.2 View Full Chart FEATURED FUNDS ★★★★★ Mirae Asset Equity Savings Fund Direct - Growth 3Y Return 14.91 % Invest Now FEATURED FUNDS ★★★★★ Mirae Asset Hybrid Equity Fund Direct-Growth 5Y Return 16.96 % Invest Now CRYPTOCURRENCYLIVE Presented By: btcBUY NOW ₹31,41,376-10.27% Created with Highcharts 9.3.2 ethBUY NOW ₹2,29,127-12.60% Created with Highcharts 9.3.2 usdtBUY NOW ₹810.04% Created with Highcharts 9.3.2 bnbBUY NOW ₹34,409-9.96% Created with Highcharts 9.3.2 Market Watch Industry English Edition | E-Paper Sign In Great New Year Sale Search + Home Budget 2022 ETPrime Markets News Industry RISE Politics Wealth MF Tech Jobs Opinion NRI Panache ET NOW More Auto Auto News Cars & UVs Two wheelers & three wheelers LCV & HCV Auto Components Tyres Banking/Finance Banking Finance Insure Cons. Products Durables Electronics Fashion / Cosmetics / Jewellery FMCG Food Garments / Textiles Liquor Paints Tobacco Energy Power Oil & Gas Renewables Solar Energy Wind EnergyPolicy and regulationsPeopleHybrid PowerElectric vehicles Ind'l Goods/Svs Construction Engineering Cement Chem / Fertilisers Metals & Mining Packaging Paper / Wood / Glass/ Plastic/ Marbles Petrochem Steel Healthcare/Biotech Biotech Healthcare Pharmaceuticals Services Advertising Consultancy / Audit Education Hotels / Restaurants Property / C'struction Retail Travel Media/Entertainment Entertainment Media More TransportationRailwaysAirlines / AviationShipping / TransportRoadwaysTechITESTech & InternetStartupsFundingTech BytesTelecomTelecom NewsTelecom PolicyMiscellaneousCSRInitiativesPolicyEnvironment Business News›Industry›Services›Property / C'struction›Avigna group to invest Rs 800 crore in FY22 to build warehousing, industrial parks in TN, Karnataka AVIGNA GROUP TO INVEST RS 800 CRORE IN FY22 TO BUILD WAREHOUSING, INDUSTRIAL PARKS IN TN, KARNATAKA SECTIONS Avigna group to invest Rs 800 crore in FY22 to build warehousing, industrial parks in TN, Karnataka PTILast Updated: Jun 06, 2021, 02:47 PM IST Synopsis IN AN INTERVIEW, AVIGNA GROUP EXECUTIVE DIRECTOR AND CEO ABHIJIT VERMA HIGHLIGHTED THAT THE COMPANY RECENTLY COMPLETED THE DEVELOPMENT AS WELL AS LEASING OF FIRST PHASE OF HOSUR PARK IN TAMIL NADU COMPRISING ONE MILLION SQ FT AREA. AgenciesVerma said the company has a total of 120 acre land at Hosur industrial park and out of that, 40 acre has been utilised for the first phase of one million sq ft. Tamil Nadu-based Avigna group will invest around Rs 800 crore during the current financial year to develop industrial and warehousing parks in Tamil Nadu and Karnataka as part of its expansion plan, its Chief Executive Officer Abhijit Verma said. Avigna group, which is into garment, education and export businesses, entered the industrial and logistic park segment in 2017-18. In an interview, Avigna group Executive Director and CEO Abhijit Verma highlighted that the company recently completed the development as well as leasing of first phase of Hosur Park in Tamil Nadu comprising one million sq ft area. Online mattress brand Wakefit, Stellar Value Chain and Whirlpool have taken together around one million sq ft area. The rental yield is estimated at around 8-9 per cent. "We have demonstrated our capabilities in terms of quality development and client acquisitions with completion and successful leasing of one million sq ft. Now, we will expand aggressively," he said. Verma said the company will develop an additional two million sq ft area at Hosur Park and one million sq ft each at Hoskote in Karnataka and Chennai during the current financial year. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration 50:01 Loaded: 1.02% 00:00 Stream Type LIVE Seek to live, currently behind liveLIVE Remaining Time -50:01 1x Playback Rate Chapters * Chapters Descriptions * descriptions off, selected Captions * captions settings, opens captions settings dialog * captions off, selected Audio Track * default, selected Picture-in-PictureFullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaque Font Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall Caps Reset restore all settings to the default valuesDone Close Modal Dialog End of dialog window. Advertisement Asked about planned investment, he said the project cost is estimated at around Rs 800 crore, including land. Verma said the company has a total of 120 acre land at Hosur industrial park and out of that, 40 acre has been utilised for the first phase of one million sq ft. Avigna group has 130 acre in Hoskote with a total development potential of 3 acre, of which a million sq ft will be developed this fiscal year. It has 40 acre in Chennai to build one million sq ft space. Over the next four years, he said the company will develop around 10 million sq ft of industrial and warehousing space across various states. One million sq ft each in Nellore, Andhra Pradesh and Madurai, Tamil Nadu are also in pipeline for coming years. The company already has land bank at these locations. Considering an upsurge in demand, Verma said the company is looking to expand at Bhiwandi in Maharashtra, Farruknagar in Haryana, Jaipur and Kolkata. "As per the various research reports, warehousing space is growing at a CAGR (compound annual growth rate) of 12-13 per cent due to various factors especially a contribution of e-commerce surge. "This is one of the most stable asset world wide. Demand of warehousing and industrial space will rise in India year on year," Verma said. The implementation of the goods and services tax (GST) law and growth of e-commerce sector have fuelled the demand for warehousing and industrial space in India, he said. Verma said the COVID-19 pandemic has also benefitted this sector. Avigna group is also exploring the possibility of setting up food terminal markets in Chennai and Madhya Pradesh, he said. READ MORE NEWS ON FY22tamil naduKarnatakaindustrial parkswarehousingavigna group (Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily Market Updates & Live Business News. ...moreless ETPrime stories of the day Healthcare Lupin’s test: Can the diversification into a tough diagnostics market break its new-ventures jinx? 12 mins read Strategy Street view to guarding user base: why MapmyIndia is the preferred alternative to Google Maps 7 mins read Electric vehicles Hyundai vs. Tata Motors: software, thermal management will decide the real winner of this EV race 13 mins read Subscribe to ETPrime POPULAR IN INDUSTRY * Amazon’s legal tangles in India are a cautionary tale * Toyota Kirloskar drives in Hilux brand; deliveries to begin in April * Vedanta to create $10 bln fund to bid for BPCL stake, other assets * Blinkit adds 200 'dark stores' to facilitate grocery delivery in 10 minutes * JSW to soon announce first green hydrogen project Top Trending Industry Terms * Devas MultimediaNeet PG UG Counselling 2021Covid VaccineNetflix India Plans * Electric VehicleNirmala SitharamanTelecom newsBanking news * Finance newsAuto News MOST POPULAR NEWS * India extends international passenger flight ban till February 28 amid Omicron surge * 230% in 15 days! 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