Arvind SmartSpaces To Develop Industrial Park With Revenue Potential Of Rs 1,350 Crore

Real estate developer Arvind SmartSpaces Ltd. has signed an agreement for an industrial park in Ahmedabad, with a total estimated area of nearly 440 acres and a top-line potential of Rs 1,350 crore, according to an exchange filing on Monday.

This project on NH-47 between Bavla and Bagodara is signed under joint development mode with a 70.5% revenue share, as per a press release.

The proposed project aims to be one of the largest industrial parks in Gujarat, with an end-to-end ecosystem to ensure a thriving environment for industries. Key infrastructure features include a common effluent treatment plant, zero liquid discharge system, labour and executive housing, a weighbridge and dedicated logistics zones, it said.

"We are excited to diversify our horizontal product mix in Ahmedabad and add a large industrial park to our portfolio," Chief Executive Officer Kamal Singal said. "With this industrial plotted development, we have further augmented our horizontal portfolio and now have around 77 million square feet of projects in the Ahmedabad region."

"Given the healthy performance of the Ahmedabad economy, industrial park development market presents a sustainable and sizeable opportunity, and we remain at the forefront to address it," he said. "Our business development initiatives are shaping up well and the cumulative new business development top line potential stands at more than Rs 3,850 crore for the current year to date."

Arvind SmartSpaces is a real-estate development company headquartered in Ahmedabad. The company has real estate developments across Ahmedabad, Gandhinagar, Bengaluru and Pune.

Shares of the real estate developer ended 2.19% lower at Rs 691 apiece on the NSE, compared to a 1.14% decline in the benchmark Nifty 50.

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