IndoSpace, a leading developer of industrial real estate in India, has signed a memorandum of understanding (MoU) with the Tamil Nadu government during the Tamil Nadu Global Investors Meet 2024 . The MoU is valued at Rs 2000 crore and signifies IndoSpace’s commitment to the state’s industrial landscape and economic growth .
Investment and Employment
The official announcement was made under the backdrop of the prestigious Tamil Nadu Global Investors Meet 2024, presided over by M.K. Stalin, Honourable Chief Minister of Tamil Nadu and Piyush Goyal, Union Minister of Commerce and Industry, the Government of India. This investment by IndoSpace is anticipated to generate 15,000 new jobs, providing a substantial boost to employment opportunities in the state .
Land Bank and Industrial Parks
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 strategically located around the main industrial hubs, IndoSpace has developed and leased around 13 million sq. ft. with a total investment of approximately Rs 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 million sq. ft. of land in the state.
Industrial Infrastructure and Economic Development
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.”