With comprehensive connectivity, the entire development will be spread over three phases with the first phase of 0.5 million sq. ft. to be operational by the end of 2023-24.

At the Ascendas-Firstspace Pune Talegaon-II Logistics Park, spread over 40-acres, this is the second project in the micro-market of Ascendas-Firstspace. Talegaon-II is part of the Chakan Talegaon Industrial Corridor (CTIC), which is one of the most important manufacturing clusters in India.

The area has been a traditional manufacturing base for large auto, engineering, and electronics companies. The CTIC corridor is currently witnessing significant growth on account of the success of the Make in India program.

For Mahindra Logistics (MLL), this will be an important part of MLL's pan-India network of multi-user facilities, in a strategic industrial cluster.

In addition to A-grade warehousing capacity of one million square feet, the facility will also host MLL's first Automation Technology Centre that focuses on development and deployment of automation technologies on artificial intelligence, internet of things (IoT), robotics & automation, ARVR, AGVs and block-chain.

Rampraveen Swaminathan, managing director & CEO, Mahindra Logistics, said, “The Chakan region is one of India's leading industrial & consumption clusters.

The region is the largest area for Mahindra Logistics, and we are pleased to announce this investment in partnership with Ascendas-Firstpace. The one million SFT facility will allow us to further expand our range of integrated solutions for key customers in the area, and provide world class, technology enabled solutions.

The site will also host our first Automation Technology Centre and focus on DEIA talent development. Designed to be an IGBC/LEED certified facility per our vision to carbon neutral by 2040.”

Mahindra Logistics is one of India's leading third-party logistics (3PL) solutions providers.

On a consolidated basis, net profit of Mahindra Logistics declined 21.47% to Rs 1.39 crore on 17.04% rise in net sales to Rs 1329.55 crore in Q3 December 2022 over Q3 December 2021.

The scrip fell 1.25% to currently trade at Rs 354.40 on the BSE.