Pragati Warehousing, a firm into industrial and logistics real estate development, has recently formalised a Memorandum of Understanding (MoU) with the Tamil Nadu government, entailing investments to the tune of over ₹1,500 crore over the next five years.
According to a statement issued by the firm, this investment is projected to generate direct employment opportunities for 500 individuals and create an additional 2,000 jobs indirectly.
Jitender Yadav, Chairman and Founder at Pragati Warehousing, said: “This MoU reinforces our commitment towards adding global standard assets to the Indian logistics and industrial real estate.” “Tamil Nadu’s strides in electronics and auto manufacturing make it a pivotal hub for our expansion,” said Maneesh Jain, Chief Investment Officer.
The statement also mentioned that Pragati Warehousing is actively engaged in an ongoing investment of ₹350 crore for the development of a Grade-A industrial and warehousing park in Sriperumbudur. Spanning over 35 acres of land parcel, this project offers 0.7 million sq. ft. of Grade-A leasable space and is progressing on schedule for completion within the current year.