IndoSpace, an investor and developer of industrial warehousing and logistics parks, has signed a memorandum of understanding (MoU) with the Karnataka state government to invest Rs 3,000 crore in to boost its warehousing and logistics sector. The MoU, which is the largest the state has seen in value by any industrial developer, is for a period of seven years, and promises to generate 14,000 new jobs in Karnataka.
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The announcement was made at the Invest Karnataka 2022 summit. This investment by IndoSpace will help attract further investments in the state, and help meet the increasing demands of industries linked with warehousing and logistics.
“Karnataka has a vibrant and growing base in sectors like automobile, electronics, aerospace, agriculture, textiles and engineering. We want to help enrich these industries and provide them with world-class warehousing and logistics facilities. Our investment, which is the largest ever in Karnataka, will work towards enhancing the industrial infrastructure in the state. IndoSpace already has significant presence in the state, and we have enabled tenants from sectors such as electronic, automobile, e-commerce, fashion, supply chain and more to grow. At IndoSpace, we are committed to strengthening the Indian economy by meeting the country’s ever-rising demands around industrialisation and the supply chain ecosystem. We look forward to support from the Karnataka government and make a positive impact in the state,” said Rajesh Jaggi, vice-chairman-real estate, Everstone Group.
Indospace is promoted by Everstone Capital, US-based real estate group Realterm, and Singapore-based logistics service provider and investor GLP. IndoSpace, one of the Grade-A industrial and logistics real estate companies in India, owns 46 logistics parks, with 51 million sqft of delivered/under development across ten 10 cities.
IndoSpace already has a strong footprint in Karnataka with its Grade-A industrial parks operational in Bommasandra, Nelamangla-I and upcoming facilities in Nelamangala-II and Naraspura.
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