IndoSpace, India's largest operator of Grade A industrial and logistics real estate, has announced an increase in investment to INR4,500 crore for new logistics and warehouse parks in Tamil Nadu. This follows a INR 2,000 crore memorandum of understanding with the state government. The initiative aims to support growing sectors like automotive and electronics, create 8,000 jobs, and enhance Tamil Nadu's industrial landscape.
IndoSpace, the largest investor, developer, and operator of Grade A industrial and logistics real estate in India, has revealed plans to increase its investment to INR4,500 crore in new logistics and warehouse parks in Tamil Nadu. Following a INR 2,000 crore memorandum of understanding with the Tamil Nadu government last year, this recent announcement underscores the company's commitment to the state and the Make in India initiative. These parks are designed to bolster the growing manufacturing sectors, including automotive and electronics, in Tamil Nadu.
The investment is anticipated to generate approximately 8,000 new jobs, stimulate economic growth, and enhance the state's already thriving industrial landscape. Tamil Nadu remains a favoured destination for global Original Equipment Manufacturers (OEMs), with firms like Hyundai, Nissan, Foxconn, and Pegatron announcing substantial expansions in the region.
IndoSpace has been instrumental in developing a supportive ecosystem for these OEMs, facilitating seamless supply chain operations and accelerating industrial growth. The company's strategically located parks across key industrial zones have provided state-of-the-art infrastructure to various industries, significantly contributing to Tamil Nadu's rising profile as a global manufacturing hub.
With a portfolio that includes 15 Grade A parks, IndoSpace has developed over 8.8 million square feet of completed infrastructure, with an additional 2 million square feet currently under construction and 4.6 million square feet planned for future logistics and warehouse parks. These facilities span 649 acres and cater to 66 unique tenants from diverse sectors, including automotive, electronics, logistics, and engineering.
IndoSpace's total equity commitment to Tamil Nadu stands at USD 380 million, with the facilities offering a potential chargeable area of 15.4 million square feet, reinforcing the company's robust presence within the state's industrial ecosystem. The parks are located in Oragadam I, Oragadam I Phase II, Oragadam II, Oragadam II Phase II, Oragadam III, Oragadam IV, Vallam, Vallam II, Pollivakkam, Puduvoyal, Mevalurkuppam, Vishnuvakkam, Koodapakkam, Kunnam, and Coimbatore.
In conclusion, IndoSpace's commitment to expanding its footprint in Tamil Nadu underscores the state's significance as a manufacturing hub. With substantial investments and strategic infrastructure development, IndoSpace is poised to facilitate economic growth and attract global OEMs, reinforcing Tamil Nadu's position in the industrial ecosystem.
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