Avigna group to invest `800 cr in TN, K'taka

Tamil Nadu-based Avigna group will invest around Rs 800 crore during the current financial year to develop industrial and warehousing parks in Tamil Nadu and Karnataka as part of its expansion plan, its Chief Executive Officer Abhijit Verma said.

Avigna group, which is into garment, education and export businesses, entered the industrial and logistic park segment in 2017-18. In an interview with PTI, Avigna group Executive Director and CEO Abhijit Verma highlighted that the company recently completed the development as well as leasing of first phase of Hosur Park in Tamil Nadu comprising one million sq ft area. Online mattress brand Wakefit, Stellar Value Chain and Whirlpool have taken together around one million sq ft area. The rental yield is estimated at around eight-nine per cent. "We have demonstrated our capabilities in terms of quality development and client acquisitions with completion and successful leasing of one million sq ft. Now, we will expand aggressively," he said. Verma said the company will develop an additional two million sq ft area at Hosur Park and one million sq ft each at Hoskote in Karnataka and Chennai during the current financial year. Asked about planned investment, he said the project cost is estimated at around Rs 800 crore, including land. Verma said the company has a total of 120 acre land at Hosur industrial park and out of that, 40 acre has been utilised for the first phase of one million sq ft.