IndoSpace, India’s largest developer and owner of Grade A industrial real estate, signed an MoU to invest INR 3,000 crore in the state 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.
The announcement was made at the Invest Karnataka 2022 summit at the Bengaluru Palace grounds and was presided over by Chief Minister Basavaraj Bommai. 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.
Talking about the development, Rajesh Jaggi, Vice Chairman – Real Estate, Everstone Group, said: “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.”
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. These facilities are strategically located for companies looking to speed up inter-city logistics movement and in-city warehousing. This latest investment will work towards contributing to Karnataka’s logistics industry to flourish and attract further investments in the state.
IndoSpace has pioneered modern industrial and logistics real estate in India with a portfolio of 46 logistics parks spread across 51 million square feet in 10 cities. Over the last decade, IndoSpace’s award-winning parks have consistently set the benchmark in terms of quality, services, sustainability, and governance, which makes it the partner of choice for over 100 MNCs along with Indian companies. Further, it continues to revolutionise the path to meet India’s ever-rising demands around industrialisation and the supply chain ecosystem. Through the finest warehouse network in India, IndoSpace has actively contributed to the establishment of over USD 2 billion of AUM across all investment vehicles.