IndoSpace to invest Rs 2k crore in TN

18 Jan 2024 CW Team

IndoSpace, India's leading developer and owner of Grade A industrial real estate, has entered into a Memorandum of Understanding with the government of Tamil Nadu to invest over Rs 2,000 crore in the state.

This investment by IndoSpace is expected to generate 15,000 new jobs, providing a substantial boost to employment opportunities in the state, the company said.

Tamil Nadu continues to be a very important destination for us in developing industrial parks. It makes us proud that in providing world-class industrial logistics facilities to our clients, we are also able to contribute to enhancing the state's industrial infrastructure, said Rajesh Jaggi, Vice Chairman - Real Estate, Everstone Group.

He expressed confidence that the partnership will not only contribute to Tamil Nadu's economic development but also work towards strengthening the overall economy for the nation.

IndoSpace has an existing land bank of around 600 acres in the region. With an expansive presence of 14 Grade A industrial and logistics parks strategically located around the main industrial hubs, IndoSpace has developed and leased around 13 million sq ft with a total investment of Rs 4,000 crore in the state.

This investment agreement with the Tamil Nadu government is a part of the company's continued commitment towards supporting industrial requirements and has led to the planning of an additional 5 million sq ft of land in the state.

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