Tamil Nadu, Pragati Warehousing, a key player in industrial and logistics real estate development, has recently formalized a Memorandum of Understanding (MoU) with the Tamil Nadu government, signaling a substantial investment exceeding ₹1,500 crores over the next five years. This agreement was formally announced during the recent Global Investors Meet held in Chennai on January 7th-8th.
This decisive step cements Pragati Warehousing’s steadfast commitment to propelling economic development in Tamil Nadu. The company is strategically positioned to contribute significantly to the region’s growth, with plans to invest in the development of industrial and logistics parks. This investment is projected to generate direct employment opportunities for 500 individuals and create an additional 2,000 jobs indirectly.
Lt Col Jitender Yadav, Chairman and Founder at Pragati Warehousing, emphasized: “At Pragati, our efforts are dedicated to transforming the Indian warehousing landscape. This MoU reinforces our commitment to add global standard assets to the Indian logistics and industrial real estate. We believe in setting new industry benchmarks and ensuring that our contributions elevate the standard and efficiency of the entire sector.”
Maneesh Jain, Chief Investment Officer at Pragati Warehousing, commented on the MoU signing: “From ease of doing business to a well-established industrial ecosystem, Tamil Nadu offers a compelling proposition for any investor. Tamil Nadu’s strides in electronics and auto manufacturing make it a pivotal hub for our expansion. This collaboration is a testament to the state’s forward-thinking policies, and Pragati Warehousing is excited to contribute to the state’s thriving industrial landscape.”
Chandraveer Singh, Chief Financial Officer at Pragati Warehousing, added:
“This MoU with the Tamil Nadu government will be instrumental in achieving shared objectives. It also lays a solid foundation for our further expansion in the key micro markets of the state. We are excited to be the state’s partner in progress.”
In tandem with this commitment, Pragati Warehousing is actively engaged in an ongoing investment of ₹350 crores 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. Pragati Warehousing is set to augment its portfolio by 18-20 million sq. ft. over the next five years, focusing on key tier-1 micro markets across India. This expansion plan aligns with the company’s commitment to contribute to the nation’s production and supply chain ecosystem
