Avigna Space, a warehousing and logistics company, is seeking to expand its presence beyond the three cities in which it is currently present to Western and Northern India. It is also scouting for opportunities in Tier-II cities.
The company, which is in the process of developing warehouses in Chennai, and at Hosur and Hoskote in Bengaluru, and Nellore district of Andhra Pradesh, expects to commission about five million sq ft of planned warehouse space by the end of 2021 or Q1/2022.
This is part of the Rs 2,000 crore expansion plan that has been charted out to have a footprint of 10 million sq ft of warehouse space over the next three years. It has built a land bank of about 1,000 acre; of this, about 500 acre has been earmarked for warehouse development in Chennai, Hosur, Hoskote, and Nellore near Krishnapatnam port. While one million sq ft of warehouse space will be commissioned in Chennai by December-January 2020-2021.
By December 2021, the company will have Grade-A warehousing capacity of five million sq ft. Of this, two million sq ft will be developed in Chennai and Hosur each and Hoskote will have one million sq ft.
Avigna Space recently partnered with Strata to raise Rs 140 crore for a consortium of three Grade-A warehousing asset opportunities amid COVID-19 pandemic.
In addition, the company is also planning a mega food park near Chennai, Tamil Nadu, which will align with the recently implemented Farm Bills which open up access for farm produce.