IndoSpace, one of the largest investor, developer, and operator of Grade A industrial and logistics real estate in India, on Tuesday announced plans for fresh investments up to Rs 4,500 crore in logistics and warehouse parks in Tamil Nadu over three years.
It follows the Rs 2,000 crore Memorandum of Understanding the firm signed with the Tamil Nadu government last year and these parks are likely to support the growing manufacturing sectors like automobile and electronics in the state.
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The investment will lead to over 8,000 job creation, accelerating economic growth and enhancing the state’s industrial infrastructure. Tamil Nadu continues to be a base for global original equipment manufacturers (OEMs), with companies like Hyundai, Nissan, Foxconn, and Pegatron announcing significant expansions in the state.
IndoSpace has helped in developing an ancillary ecosystem that supports these OEMs, facilitating seamless supply chain operations and enabling faster industrial growth. The company’s strategic parks, located across key industrial zones, have provided infrastructure to industries.
IndoSpace’s presence in Tamil Nadu
With a portfolio comprising 15 Grade A parks, IndoSpace has developed over 8.8 million square feet (msf) of completed infrastructure, with an additional 2 msf under construction and 4.6 msf planned for development. These parks are spread across 649 acres and serve 66 tenants engaged in automotive, electronics, logistics, and engineering sectors. IndoSpace has committed $380 million (about Rs 3,100 crore) to the state so far, and the facilities offer a potential chargeable area of 15.4 msf.
IndoSpace industrial and logistics park have supported Tamil Nadu’s ‘Make in India’ and ‘Make in Tamil Nadu’ initiatives through plug-and-play manufacturing solutions. These customisable, ready-to-use facilities have enabled businesses to set up operations quickly, thereby reducing time to market, and enhancing manufacturing efficiency.
“IndoSpace remains fully committed to supporting Tamil Nadu’s and thereby the larger national vision for industrial advancement and job creation,” said Rajesh Jaggi, vice chairman, real estate, The Everstone Group.
First Published: Oct 08 2024 | 9:05 PM IST
