Third party warehousing and distribution solutions provider Stellar Value Chain Solutions has added 2 million square feet (msf) - 1.5 msf via distribution centres at Bhiwandi near Mumbai and 0.5 msf at Punjab’s Banur - to take its overall capacity to 16 msf, the company said in a press release on Monday.
It further aims to roll out 10 msf of warehousing operations over the next two years and is, to that effect, in the process of raising primary capital up to Rs 400 crore via issue of shares.
This comes as private equity firm Warbus Pincus is exploring the possibility of a partial or complete exit at an appropriate valuation after being invested in the company for more than six years, revealed Anshuman Singh, Chairman and MD, Stellar Value Chains Solutions.
Stellar has released a request for quote for the said 10 msf of logistics space - to be developed either via the built-to-suit mode or the ready-to-move route - over the next two years.
“In all our focus sectors such as consumer, automotive and e-commerce, the time expectations of customers have dramatically changed. And to meet this, the logistics parks and the building are being designed...,” highlighted Singh.
This comes in the backdrop of optimistic projections for the warehousing industry, which saw an 11 per cent year-on-year surge in demand across the top five cities of India in Q1 2023, according to a report released by property consultancy Colliers last month. “During Q1 2023, large deals (>1,00,000 sq ft) accounted for about 80 per cent of the demand. Amongst larger deals, 3PL companies accounted for the highest share, followed by FMCG & engineering companies,” the report highlighted.