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Logistics parks operator IndoSpace on Tuesday said it is looking to bolster its presence in the manufacturing sector with an increased investment plan of up to Rs 4,500 crore in new logistics and warehouse parks in Tamil Nadu.
A leading developer of Grade A industrial and logistics real estate, IndoSpace had last year signed an initial pact with the Tamil Nadu government for investing Rs 2,000 crore in the state's logistics industry.
Tamil Nadu continues to be a preferred destination for global original equipment manufacturers (OEMs) with companies like Hyundai, Nissan, Foxconn, and Pegatron announcing significant expansions in the state, IndoSpace said, adding that the company has helped develop an ancillary ecosystem that supports these OEMs.
"IndoSpace announces plans to increase its investments up to Rs 4,500 crore in new logistics and warehouse parks in Tamil Nadu. These parks will support the growing manufacturing sectors like automobile and electronics in the state," the company said.
This investment is expected to create over 8,000 new jobs, besides accelerating economic growth and enhancing the state's already credible industrial infrastructure, IndoSpace said.
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"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 Rajesh Jaggi, Vice-Chairman, Real Estate, The Everstone Group.
With a portfolio comprising 15 Grade A parks, IndoSpace has developed over 8.8 million sq ft of completed infrastructure in Tamil Nadu with an additional 2-million sq ft under construction and 4.6 million sq ft planned for future development, according to the company.
These parks are spread across 649 acres and serve 66 tenants from a variety of sectors, including automotive, electronics, logistics, and engineering. IndoSpace's total equity committed to the state as on date stands at USD 380 million, and the facilities offer a potential chargeable area of 15.4 million sq ft, reinforcing IndoSpace's strong presence in Tamil Nadu's industrial ecosystem.
IndoSpace has presence across 52 logistics parks and 58 million sq ft of space under development or already delivered pan-India.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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