Avigna Group will make an investment of around Rs 800 crore during FY22 to develop industrial and warehousing parks in the states of Tamil Nadu and Karnataka as part of its expansion plan.
The company which is into garment, education and export business entered the industrial and logistics park segment in 2017-18. The company recently completed the development as well as leasing of Phase-I of Hosur Park in Tamil Nadu comprising one million sq ft area.
Online mattress brands -- Wakefit, Stellar Value Chain and Whirlpool -- have taken together around one million sq ft area. The rental yield is estimated at around eight to nine percent.
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 in Tamil Nadu during FY22. The project cost is estimated at around Rs 800 crore, including land.
The company has a total of 120 acre land at Hosur industrial park and out of that, 40 acre has been utilised for Phase-I of one million sq ft.
It has 130 acre in Hoskote with a total development potential of 3 acre, of which a million sq ft will be developed FY22. It has 40 acre in Chennai to build one million sq ft space.
Over the next four years, the company will develop around 10 million sq ft industrial and warehousing space across various states.
One million sq ft each in Nellore, Andhra Pradesh and Madurai, Tamil Nadu are also in the pipeline for coming years. It already has land bank at these locations.
It is also looking to expand at Bhiwandi in Maharashtra, Farruknagar in Haryana, Jaipur in Rajasthan and Kolkata in West Bengal. The company is also exploring the possibility of setting up food terminal markets in Chennai and Madhya Pradesh.