IndoSpace, India's leading industrial real estate developer, signs a Rs 2000 crore Memorandum of Understanding with the Tamil Nadu Government, demonstrating a robust commitment to the state's industrial growth. The agreement, announced at the Tamil Nadu Global Investors Meet 2024, aims to generate 15,000 jobs. With an existing 600-acre land bank and 14 Grade A industrial parks in the region, IndoSpace's investment contributes to the state's economic development. The MoU outlines plans for an additional 5 million sq. ft. of land, reinforcing IndoSpace's pivotal role in Tamil Nadu's industrial landscape.
IndoSpace, India's largest developer and owner of Grade A industrial real estate, has inked a Memorandum of Understanding (MoU) valued at a staggering Rs 2000 crore with the Tamil Nadu Government. The announcement, made at the Tamil Nadu Global Investors Meet 2024, witnessed the presence of M.K. Stalin, Chief Minister of Tamil Nadu, and Piyush Goyal, Union Minister of Commerce and Industry.
The substantial investment by IndoSpace is expected to generate a robust 15,000 new jobs, marking a noteworthy contribution to the state's employment landscape. Rajesh Jaggi, Vice Chairman - Real Estate, Everstone Group, expressed pride in Tamil Nadu being a vital destination for developing industrial parks. He emphasized that the MoU reaffirms the government's trust in their capabilities and highlighted the dual impact of providing world-class industrial logistics facilities while enhancing the state's industrial infrastructure.
IndoSpace, with an existing land bank of around 600 acres in the region, boasts a significant presence with 14 Grade A industrial and logistics parks strategically located in key industrial hubs. Having already developed and leased approximately 13 million sq. ft. with a total investment of about Rs 4000 crore in the state, this MoU marks a key moment in IndoSpace's continued commitment to supporting industrial requirements.
The new agreement with the Tamil Nadu Government sets the stage for an additional 5 million sq. ft. of land development in the state, further solidifying IndoSpace's role in economic development in Tamil Nadu and contributing to the nation's overall economic growth. This strategic partnership signifies a mutual commitment to excellence and progress in the industrial sector, showcasing the collaborative efforts between private enterprises and governmental initiatives for sustainable economic advancement.
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