IndoSpace to Invest Rs 4,500 Crore in Tamil Nadu Logistics Parks, Creating Over 8,000 Jobs

Delhi-NCR / October 8, 2024: IndoSpace on Tuesday announced plans to increase its investments up to Rs 4,500 crore in new logistics and warehouse parks in Tamil Nadu. Following an Rs 2000 crores MOU with the Tamil Nadu government last year, this new investment will support the growing manufacturing sectors like automobiles and electronics in the state. This investment is expected to create over 8000 new jobs, a statement from the company said.

“Tamil Nadu’s industrial landscape has seen remarkable growth, and IndoSpace is proud to have played a key role in this transformation. 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. Through innovative infrastructure solutions such as Plug n Play manufacturing facilities and customised industrial spaces, we are helping businesses thrive while also driving the state’s economic development. 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.

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 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 state-of-the-art infrastructure to industries, contributing significantly to Tamil Nadu’s growing prominence as a global manufacturing hub.

IndoSpace’s presence in Tamil Nadu

With a portfolio comprising 15 Grade A parks, IndoSpace has developed 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 future development. These parks are spread across 649 acres of land and serve 66 unique 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 square feet, reinforcing IndoSpace’s strong presence in Tamil Nadu’s industrial ecosystem. IndoSpace industrial and logistics park have supported Tamil Nadu’s ‘Make in India’ and ‘Make in Tamil Nadu’ initiatives through Plug-n-Play manufacturing solutions, the statement added.