Industrial real estate developer Indospace has signed a Memorandum of Understanding (MoU) with the Karnataka government to invest Rs 3,000 crore in Karnataka to boost its warehousing and logistics sector.
The deal was inked on the last day of the Invest Karnataka: Global Investors' Meet 2022 summit at the Bengaluru Palace grounds on November 4.
The deal will help attract further investments in the state and help meet the increasing demand of industries linked with warehousing and logistics, the company said in a statement.
Rajesh Jaggi, Vice Chairman, real estate, Everstone Group, said, “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. We look forward to supporting the Karnataka government and making a positive impact in the state.”
With its Grade-A industrial parks now operating in Bommasandra and Nelamangla I as well as future facilities in Nelamangala II and Naraspura, IndoSpace already has a significant presence in Karnataka. These facilities are strategically located for companies looking to speed up inter-city logistics movement and in-city warehousing.
The recent investment will strive to support the growth of the logistics sector in Karnataka and draw further capital to the state, it said.
Currently, IndoSpace has 46 logistics parks spread across 51 million square feet in 10 Indian cities.
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