CARGOCONNECT-MAY23 - Flipbook - Page 60
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Prozo opens new
28,000 sq ft FC in
Chennai
India eyes key supply-chain role as firms shift
from China: FM Sitharaman
U
nion Finance Minister
Nirmala Sitharaman
in her latest remark
expressed that India seeks to be
more involved in world supply
chains and serve as an alternative
to China through output-incentive
plans and the growth of its domestic consumer market.
So-called production-linked
incentive schemes covering 13
manufacturing sectors including
for semiconductors “are bringing
global value chains into India,”
Sitharaman was quoted saying
at the Peterson Institute for
International Economics. “By
doing that, we hope to have production of many of these large,
bulk-manufactured goods which
can go from India to meet both
international and local demand.”
India last month laid out an
ambitious target of hitting US$2
trillion annually in overall exports
by 2030 as the South Asian country
makes a renewed push to become
a top choice for companies shifting
supply chains away from China.
Sitharaman gave the example
of mobile-phone manufacturing — the Asian nation in 2014
produced very few devices and the
industry had grown to become one
of the world’s biggest exporters.
India over the past year has been
pursuing bilateral trade deals with
a range of countries, including
Australia, the UK and Canada.
Industrial and Logistics sector likely to touch
32-35 mn sq ft in 2023: CBRE
T
he growth rate for industrial and logistics (I&L)
portfolio leasing is likely
to slow down 32-35 million sq
ft in 2023 because of global
headwinds, according to a report
by CBRE. The global real-estate
consultant's '2023 India Market
Outlook' report said that the I&L
supply forecast may shoot past
the 2022 levels and touch 24-26
million sq ft in 2023.
The share of project completions by prominent global/
domestic developers is expected
to increase to 40 per cent in 202324 from 37 per cent in 2021-22,
the report said. The demand is
expected to be predominantly
driven by 3PL and engineering
and manufacturing occupiers.
The report points to anticipated
heightened interest from FMCG,
retail and electronics and electrical firms. Moreover, the share of
large-sized deals ranging from
32-35 per cent is expected in 2023.
The report predicts further
rental growth in 2023, with
occupiers prioritising prime
locations for expansion. But,
the non-availability of readyto-move-in supply would shift
their focus towards secondary
locations which would enable
them to leverage comparatively
lower rentals. It added that supply
chain diversification may impact
leasing activities.
ne of India's fastest-growing
Ocompanies,
full-stack supply chain
Prozo has opened
a new fulfilment centre in Red
Hills, Chennai. The new centre
is in close proximity to Chennai
Outer Highway and NH5 –
Kolkata Highway. With an area
of 28,000 sq ft and tentative
capacity to accommodate 2,400
pallet positions, the warehouse
can store approximately 80,000
medium-sized boxes. The facility structure, the company says,
is a PEB shed with a clear height
of 30-ft and a load-bearing
capacity of 5 metric tonnes. The
DCB Group warehouse is Prozo's
second fulfilment centre in
Chennai in less than a year.
IndoSpace launches
logistics parks near
Palwal and Taoru
ndia’s largest developer and
owner of Grade A industrial
Ireal-estate,
IndoSpace launched
two new logistics parks – one
in Dhatir near Palwal and the
other in Taoru near Sohna – in
a move to further strengthen
its presence in the National
Capital Region (NCR). The Dhatir
and Taoru hubs are the latest
additions to IndoSpace’s evergrowing portfolio in the region
after Badli, Bhaproda, Luhari,
and Farukhnagar. With a development potential of over 3.4
million sq ft, these parks are
adjacent to several important
highways like the NH - 919 with
direct access to the upcoming
Delhi Mumbai Expressway,
Western Dedicated Freight Corridor, and DND-Faridabad- EPR/
KMP Expressway – all expected
to be fully operational by 2025.