Eredene Capital Invests in Apeejay Infra-Logistics for Haldia Logistics Park Development
UK-based Eredene Capital has acquired a 50% stake in Apeejay Infra-Logistics (AILPL), the infrastructure subsidiary of the Kolkata-based Apeejay Surrendra Group. This investment, confirmed by AILPL's new CEO, Abdul Wahid, totals Sterling Pound 5.25 million (Rs 42 crore) and marks a significant partnership for the development of a cutting-edge logistics park in Haldia, West Bengal.
Eredene Capital's Investment Strategy
Eredene Capital focuses its investments on infrastructure projects and real estate development within India, with a particular emphasis on logistics, warehousing, and port services. The firm's expertise in these areas makes them a strategic partner for the Apeejay Surrendra Group. Wahid himself has over 17 years of experience in senior supply chain management and will oversee all infrastructure initiatives for the Apeejay Surrendra Group. He will be responsible for leading the group's foray into infrastructure development.
“The Eredene group has picked up a 50% stake in APILPL at an investment of Rs 42 crore. The Eredene group has a crack team with core experience in real estate, infrastructure, ports and logistics and we see them as natural partners in the development project at Haldia. We look forward to working with them in this and other future projects as well.”
A Strategic Partnership for Eastern India
The agreement between Eredene and the Apeejay Surrendra Group establishes Eredene as Apeejay's sole partner across all infrastructure and logistics ventures within nine eastern Indian states, solidifying their collaborative commitment to the region's development. This expansive partnership promises synergistic growth, creating a powerhouse presence in the sector and significantly boosting the infrastructure landscape of Eastern India.
Haldia Logistics Park: A Multifaceted Development
Strategically situated just 7 kilometers from Haldia port, the forthcoming logistics park is poised to offer a comprehensive suite of services, encompassing distribution, warehousing, and transportation, catering to the industrial entities operating in the vicinity. It will also feature ancillary amenities such as commercial office spaces, hotels, shopping malls, and light processing workshops, creating a vibrant hub of activity.
Land Acquisition and Project Funding
The Haldia Development Authority has designated a 72-acre parcel of land specifically for industrial purposes to accommodate this ambitious venture. The process of securing the lease for this designated plot is currently underway. The comprehensive cost of establishing the logistics park is estimated at Rs 192 crore. For the financing of this project, the approach will involve a combination of debt and equity. An equity investment of Sterling Pound 10.5 million will be equally contributed by Eredene and the Apeejay Surrendra Group. The remaining balance required for the project’s realization will be procured through debt financing, stated Mr. Wahid. The CEO of the Haldia Development Authority, PA Siddiqui, affirmed their commitment to expediting the land allocation process for the Apeejay group to facilitate a swift commencement of construction activities on the designated site.
“We are trying to give land to the Apeejay group as quickly as possible, so that they can start work at the site.”