Embassy Group, India's leading real estate developer has entered into an agreement with an affiliate of Warburg Pincus, a leading global private equity firm focused on growth investing to form a joint venture, Embassy Industrial Parks.

The joint venture entity marks the Embassy Group's entry into a new business segment focusing on the development of industrial and warehousing spaces near key cities across India. The market for modern industrial and warehousing spaces is rapidly expanding and is estimated to reach 125 million sq ft over the next five years.

Embassy Industrial Parks will have an equity commitment of up to US$ 250 million, from its joint venture partners, to fund land acquisition and development. The business will primarily operate on the lease-rental model that the Embassy Group has successfully deployed in its commercial projects.

These modern, well planned, technology-enabled industrial and warehousing spaces are targeted at industry verticals such as 3PL, e-commerce, FMCG, automobile ancillaries and retail. Warehousing in India is rapidly evolving from traditional set-ups with inefficient facilities to sophisticated solutions and modern state-of-the- art facilities.

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