IndoSpace signs ₹2000 crore MoU with Tamil Nadu

IndoSpace has signed a Memorandum of Understanding (MoU) valued at ₹2000 crore with the Tamil Nadu Government during the Tamil Nadu Global Investors Meet 2024.

The announcement was made under the backdrop of the Tamil Nadu Global Investors Meet 2024, presided over by M.K. Stalin, Chief Minister of Tamil Nadu and Piyush Goyal, Union Minister of Commerce and Industry. This investment by IndoSpace is anticipated to generate 15,000 new jobs, providing a substantial boost to employment opportunities in the state.

Rajesh Jaggi, vice chairman - real estate, Everstone Group, 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. Signing this MoU is significant for us as it reaffirms the government’s trust in our capabilities. We are confident that this 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 approximately 600 acres in the region. With an expansive presence of 14 Grade A industrial and logistics parks located around the main industrial hubs, IndoSpace has developed and leased around 13 mn. sq. ft. with a total investment of approximately ₹4000 crore in the state. This MOU with the Tamil Nadu Government is a part of the organisation’s continued commitment towards supporting industrial requirements and has led to the planning of an additional 5 mn. sq. ft. of land in the state.

“IndoSpace is the largest investor, developer, and operator of grade A industrial and logistics real estate in India. IndoSpace has the largest national network of 51 logistics parks with 58 million square feet delivered/under development across 11 cities. With India’s largest and most experienced industrial real estate team, IndoSpace continues to lead the development of key logistics infrastructure for India’s economic growth,” reads the release.