Bengaluru: IndoSpace, Everstone Group’s industrial and logistics real estate development platform, announced on Tuesday it has launched two parks, Vallam II and Oragadam III in Tamil Nadu, adding 118 acres to its portfolio.
The two industrial parks will host original equipment manufacturers (OEMs) such as Yamaha, Hyundai, Royal Enfield, Nissan, Daimler and Foxconn, which operate in the region.
IndoSpace said the parks will strengthen its footprint in strategically important regions and is a step towards its long-term goal of creating 120 million square feet of modern logistics infrastructure across the country.
IndoSpace Vallam II Industrial and Logistics Park is located on State Highway 57 on 50 acres in the State Industries Promotion Corporation of Tamil Nadu Limited (SIPCOT) area. The Category A park allows businesses to serve the western and southern belts of Chennai via the outer ring road and provides connectivity to Vallam, Oragadam, Irungattukottai and Sriperumbudur.
The second, IndoSpace Industrial and Logistics Park Oragadam III, covers 68 acres and is located near State Highway 48. It offers connectivity to the city of Chennai and is also close to the industrial and automotive hub of Oragadam and the Sriperumbudur micro-market.
“As a pan-Indian developer, we strive to provide modern logistics and warehousing facilities in strategic and important locations. The launch of these two parks embodies IndoSpace’s rapid progress towards building a solid foundation for Class A logistics infrastructure across the country. We focus on providing world-class, compliant and environmentally friendly facilities designed and built in accordance with the latest global trends and technologies. The past year has been an important one for us – we have entered new markets and developed those in which we are already. We want to keep the same momentum going this year, ”said Rajesh Jaggi, vice president – real estate, Everstone Group.
IndoSpace has a portfolio of 43 million square feet through projects developed and under construction, covering 41 industrial and logistics parks in nine cities.
In March, IndoSpace, in a joint venture with Model Economic Township, a subsidiary of Reliance Industries Ltd., acquired 55 acres in Farukhnagar in Haryana, with development potential of 1.28 million square feet.
Currently, IndoSpace has a portfolio of over 41 million square feet in 39 industrial and logistics parks in various stages of development in nine major consumption centers in India. It spent $ 500 million on nine acquisitions in 2020 and plans to add 4 million square feet of warehouse space by the end of 2021.
In 2017, the CPP Investment Board of Canada and IndoSpace formed a joint venture named IndoSpace Core to acquire and develop modern logistics facilities.
Never miss a story! Stay connected and informed with Mint. Download our app now !!