Bengaluru Mumbai: Private equity firm Everstone Group-backed developer and owner of Grade A industrial real estate IndoSpace is planning to invest over Rs580 crore to develop two new logistic parks spread over 76 acres in Karnataka as part of the commitment made by the company through a Memorandum of Understanding (MoU) signed with the state government.

In 2022, IndoSpace entered in to a seven-year pact with the government, with a commitment to invest Rs3,000 crore in the state’s warehousing and logistics industry. This investment, the largest ever by an industrial developer in Karnataka, is expected to create 14,000 new jobs.

“These parks will have a total development potential of 1.8 million sq ft and are targe- ted at industries such as auto- mobiles, engineering, electronics, and third-party logistics (3PL) operators. These parks will be developed in phases, and the work will commence this year with plans to make them operational over the next 2-3 years,” said Rajesh Jaggi, vice chairman
INDUSTRIAL REAL ESTATE

IndoSpace has the largest national network of 52 logistics parks with a delivered space of 58 million sqt and projects under development across 11 cities

man -Real Estate, The Ever’s- tone Group.

Of these two proposed parks, IndoSpace Nelamangala II 10- gistics park will be spread over 35 acres and will be developed with an investment of *240 crore. This park is located
along the Bengaluru-Mumbai highway (NH48) and aims to strengthen the region’s industrial capabilities.

The second park, IndoSpace Narasapura II will span over 40 acres and is situated off Old Madras Road (NH 75), close to major industrial hubs such as Vemgal, Malur, and Hoskote. The company will make an investment of Rs340 crore in this development

Source- The Economic Times