IndoSpace to invest ₹4,500 crore in logistics and warehouse parks in Tamil Nadu

IndoSpace, a developer and operator of Grade A industrial and logistics real estate, has announced plans to increase its investments to ₹4,500 crore in new logistics and warehouse parks in Tamil Nadu. This investment is expected to create over 8,000 jobs.

The parks will support the growing manufacturing sectors like automobile and electronics. The company signed an MoU worth ₹2,000 crore with the Tamil Nadu government last year.

In a statement, IndoSpace said: “Tamil Nadu continues to be a preferred destination for global original equipment manufacturers (OEMs), with companies like Hyundai, Nissan, Foxconn, and Pegatron announcing significant expansion in the State. IndoSpace has helped in developing an ancillary ecosystem that supports these OEMs.”

“Our ongoing investments, including a recently signed MoU with the Tamil Nadu government, demonstrate our strong belief in the State’s potential as a global manufacturing powerhouse,” said Mr. Rajesh Jaggi, vice-chairman, Real Estate, The Everstone Group.

The company also shared details of IndoSpace’s presence in Tamil Nadu, It has a portfolio of 15 Grade A parks and over 8.8 million square feet of completed infrastructure, with an additional 2 million square feet under construction and 4.6 million square feet planned for development.

These parks are spread across 649 acres and serve 66 unique tenants from a variety of sectors, including automotive, electronics, logistics, and engineering. IndoSpace’s total equity committed to the State stands at $380 million, and the facilities offer a potential chargeable area of 15.4 million square feet.

Published - October 08, 2024 10:36 pm IST