WS Industries to invest Rs4,000cr for 600-acre industrial park at Sunguvarchatram
CHENNAI:
WS industries India Ltd plans to invest about $500 million (about Rs 4,000 crore) in developing an industrial park over 600 acres at Sunguvarchatram near Chennai, close to the electronics hub that houses Foxconn and Samsung.
The company has acquired 400 acres of land, including around 250 acres, through SARFAESI auction, that belonged to IVRCL which had originally planned an industrial township. It intends to acquire an additional 200 acres of private land from individuals for the park that will house logistics warehouse, data centres and industrial housing among others.
'The focus is to develop and manage Grade A industrial real estate, data centres and logistics and warehouse parks to cater to multinational companies and pan-India players that have industrial facilities in the region,' WSI chairman
Nagarajan Seyyadurai
told
TOI
.
It will join hands with international consultants to prepare a detailed project report to this effect. The IVRCL land included a defunct nine-hole golf course and WSI plans to regenerate it to become the hub of its industrial park.
'At 0.5 FSI, the company can easily develop 15 million sqft of industrial as well as logistics warehouse space. Given its proximity to the electronics hub, there is huge demand for developed industrial land, ' sources said.
The company is in the process of raising around Rs 440 crore fresh capital by placing its shares at Rs 100 a share with promoters and non-promoters including institutions, private entities and individuals.
The fresh capital will be deployed for land acquisition and working capital requirements, sources said.
The park is located close to the proposed new international airport near Parandur and the existing Oragadam industrial estate and Chennai-Bengaluru expressway.
The acquired land has been converted to facilitate multi-use development.
WS industries India is now engaged in the EPC business and has executed infrastructure projects worth Rs 650 crore in the past 24 months. It is also in the process of developing a one million sqft IT park on Mount Poonamallee road and the project is in the approval stage.
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