Realty major Lodha Group and Warburg Picus backed logistics development entity e-Shang Redwood (ESR) have forged a 50: 50 JV partnership to develop a large-scale industrial park near Mumbai. The project will be developed on an expansive 89 acres site at Palava city amounting nearly $100 million investment.
Palava City (4500 acres) is billed to be India’s first greenfiled smart city project which also has a provision for a 170 acre industrial park zone mainly for non-polluting manufacturing and warehousing. The site is strategically located for easy access to JNPT and the second airport coming up in India’s financial capital.
Shaishav Dharia, Regional CEO, Lodha Group remarked “Palava is a vision for modern living. Building a successful smart city from the ground up is not just about technology. We need a strong ecosystem supported by robust economic opportunities to sustain the city’s development over the long term. As we build Palava into a world-class city, we are most delighted to partner with ESR, a leader in logistics and industrial development that shares the same vision as Lodha Group does. Together we will bring high-quality infrastructure and solutions to businesses, and promote the betterment of real estate and the wider community of India.”