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Shriram Properties to sell 90 acres of land to LOGOS in Kolkata

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Logos will invest about $100 million in the project for logistics park

Bengaluru-based Shriram Properties Ltd has entered into an agreement with LOGOS for a potential sale of up to 90 acres of land in Shriram Grand City at Uttarpara in Kolkata for a logistics park.Logos will invest about $100 million in the project, including land and development costs, and plans to construct 2.2 million sq ft of industrial and warehousing space. This will also be the company’s first project in West Bengal. LOGOS plans to create the land into a modern and sustainable logistics park. The officials said that the company is likely to invest Rs 766 crore in the project, which could create 50,000 direct and indirect jobs in West Bengal.Managing Director and Co-CEO of LOGOS Trent Iliffe told the media that the company is looking forward to working with SPL on this future transaction and entering West Bengal, the leading gateway to Eastern India, to bring best practices in ESG and high-quality logistics and infrastructure to this market. Chairman and Managing Director of Shriram Properties Ltd, M Murali, told the media that LOGOS’ offered investment in Shriram Grand City would change the micro-market and allow us to realise superior value for both stakeholders of companies. The transaction is likely to be completed in the second half of 2022-23 on fulfilment of due diligence and regulatory approvals.Shriram Properties is now developing an integrated township project, Shriram Grand City, on 314 acres it holds at Uttarpara. Residential apartments on around 4.5 million sq ft for 5,500 families are under development, of which over 500 houses will be handed over later this year.

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Also read:Shriram Properties records Rs 13.21 cr profit in Dec quarter

Concrete

Holcim UK drives sustainable construction

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Holcim UK has released a report titled ‘Making Sustainable Construction a Reality,’ outlining its five-fold commitment to a greener future. The company aims to focus on decarbonisation, circular economy principles, smarter building methods, community engagement, and integrating nature. Based on a survey of 2,000 people, only 41 per cent felt urban spaces in the UK are sustainably built. A significant majority (82 per cent) advocated for more green spaces, 69 per cent called for government leadership in sustainability, and 54 per cent saw businesses as key players. Additionally, 80 per cent of respondents stressed the need for greater transparency from companies regarding their environmental practices.

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Concrete

GCCA releases LCR system

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The Global Cement and Concrete Association (GCCA) has launched the Low Carbon Ratings (LCR) system for cement and concrete, a new global rating based on products’ carbon footprints. The system uses a clear AA to G scale to help customers prioritise sustainability in material selection across construction sectors worldwide. The GCCA says that the LCR system is designed to be easily recognisable, with a simple visual graphic that indicates a product’s rating and provides consistency and comparability to other products.

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Concrete

FLSmidth opens eco-friendly plant in Casablanca

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FLSmidth has inaugurated a €21 million mill liner manufacturing plant in Casablanca, covering 11,250m² with a production capacity of 6,500 tonnes annually. The LEED-certified facility significantly reduces carbon emissions by up to 56 per cent and fully recycles water used in the manufacturing process. Up to 250 jobs will be created in the Valparaíso region. Mikko Keto, CEO, highlighted the plant as a symbol of FLSmidth’s commitment to sustainable mining and community engagement in South America. Earlier in 2024, the Denmark-based company announced plans to sell its cement division to sharpen its focus on mining operations.

 

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