IndoSpace Clinches Rs 2000 Cr Deal With Tamil Nadu Govt

IndoSpace, a leading player in industrial and logistics real estate, has solidified its commitment to Tamil Nadu’s economic development by signing a Memorandum of Understanding (MoU) valued at Rs 2000 crore. This landmark agreement was unveiled during the Tamil Nadu Global Investors Meet 2024, a prestigious event attended by key dignitaries, including MK Stalin, Chief Minister of Tamil Nadu, and Piyush Goyal, Union Minister of Commerce and Industry.

A Strategic Move for Economic Growth

The MoU underscores IndoSpace’s strategic focus on contributing to the growth of Tamil Nadu’s industrial landscape. This significant investment is poised to have far-reaching implications, not only for the state’s economic prosperity but also for job creation.

Anticipated Job Creation

IndoSpace’s Rs 2000 crore investment is expected to generate employment opportunities for approximately 15,000 individuals. This boost in job creation is a positive step towards addressing unemployment challenges and fostering a more robust economy for Tamil Nadu.

High-Level Endorsement

The official announcement of this strategic alliance was made in the presence of key figures such as MK Stalin and Piyush Goyal. Their involvement in the event emphasizes the importance of IndoSpace’s commitment and its potential impact on the state’s industrial growth.

Rajesh Jaggi’s Perspective

Rajesh Jaggi, Vice Chairman of Real Estate at Everstone Group, expressed the significance of this MoU, stating, “Tamil Nadu continues to be a very important destination for us in developing industrial parks.” He emphasized the pride that comes from providing world-class industrial logistics facilities while contributing to the enhancement of the state’s industrial infrastructure.

Existing Land Bank and Strategic Presence

IndoSpace currently holds a substantial land bank of approximately 600 acres in the region. With an extensive presence comprising 14 Grade A industrial and logistics parks strategically located around major industrial hubs, IndoSpace has already developed and leased around 13 million square feet. The total investment in the state, including the recent Rs 2000 crore commitment, amounts to approximately Rs 4000 crore.