IndoSpace to invest Rs 3,000 crore in warehousing, logistics space in Karnataka

Industrial and logistic parks developer IndoSpace on Friday announced that it will invest Rs 3,000 crore in Karnataka's warehousing and logistics space.

The firm already has a strong footprint in the state with its Grade-A industrial parks operational in Bommasandra, Nelamangla I and upcoming facilities in Nelamangala II and Naraspura. IndoSpace said it has signed an initial pact with the Karnataka government for this proposed investment in the state.

The pact is for a period of seven years and expected to generate 14,000 new jobs. This investment will help attract further investments in the state and help meet the increasing demands of industries linked with warehousing and logistics, the company said.

Karnataka has a growing base in sectors like automobile, electronics, aerospace, agriculture, textiles and engineering and IndoSpace looks to help these industries with warehousing and logistics facilities, said Rajesh Jaggi, Vice Chairman for Real Estate, Everstone Group.

IndoSpace is jointly promoted by Everstone Group, GRP and Realterm. "Our investment, which is the largest ever in Karnataka, will work towards enhancing the industrial infrastructure in the state. IndoSpace already has a 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," said Jaggi.

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