IndoSpace inks MoU with Karnataka govt to invest Rs. 3,000 crore.

IndoSpace, India’s largest developer and owner of grade A industrial real estate, has entered a Memorandum of Understanding (MoU) to invest Rs. 3,000 crore in Karnataka to boost its warehousing and logistics sector.

The pact, which is the largest the state has seen in value by any industrial developer, is for a period of seven years and is expected to generate 14,000 new jobs in Karnataka, the company said in a release.

The MoU was signed at the Invest Karnataka: Global Investors’ Meet in Bangalore.

“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,” said Rajesh Jaggi, Vice Chairman - Real Estate, Everstone Group.

The investment by IndoSpace is likely to help attract further investments in the state and help meet the increasing demands of industries linked with warehousing and logistics.

IndoSpace already has its presence in the state with its industrial parks operational in Bommasandra, Nelamangla I and upcoming facilities in Nelamangala II and Narasapura. These facilities are strategically located for companies looking to speed up inter-city logistics movement and in-city warehousing.

IndoSpace has a portfolio of 46 logistics parks spread across 51 million sq ft in 10 cities.

ET