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IndoSpace enters Gujarat with Rs 650 cr investment

K.R. Srivats New Delhi | Updated on January 15, 2019 Published on January 15, 2019

To add over 2.5 mn sq ft of Grade A leasable area in 3 years

Everstone-backed IndoSpace, a leading developer of industrial real estate and warehousing facilities, has made its foray into Gujarat with the launch of its park in Bavla near Ahmedabad. The facility will help IndoSpace move towards its goal to build a pipeline of 120 million square feet of modern logistics infrastructure to support the growth and modernisation of India’s supply chain.

The cutting-edge industrial and logistics park on the Ahmedabad-Rajkot national highway is spread across 47 acres. It is located close to the industrial hubs of Sanand and Changodar, and has easy access to Kandla and Mundra ports. With GST and growth in e-commerce, India’s warehousing and light industrial manufacturing is demanding new capacity with large-scale, state-of-the-art infrastructure and locational advantages. Accordingly, IndoSpace is planning to build two more logistics parks in Gujarat.

“The Bavla industrial park not only marks our foray into Gujarat, it also shows our clear determination to strengthen our leadership in the light industrial manufacturing space. We plan to invest Rs 650 crores in new parks across Gujarat. Upon completion, the projects are expected to generate employment for more than 10,000 people directly and indirectly,” Rajesh Jaggi, Managing Partner, Real Estate, Everstone Group, said.

It may be recalled that IndosSpace was jointly promoted by Everstone Group, GLP and Realterm. Recently, IndoSpace announced the closure of its third – and India’s largest ever – logistics real estate fund with a corpus of $1.2 billion, taking its total India commitment to well over $ 3.2 billion. IndoSpace has around 30 million square feet across developed and under-construction projects. Its portfolio includes 30 industrial and logistics parks in nine cities, making it the only national network in India.

Srivats.kr@thehindu.co.in

Published on January 15, 2019
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