IndoSpace launches two industrial parks in Tamil Nadu
IndoSpace said the parks will boost its footprint across strategically significant regions and are a step towards its long-term goal of creating 120 million sq ft of modern logistics infrastructure across the country
Bengaluru: IndoSpace, Everstone Group’s industrial and logistics real estate development platform, on Tuesday said it has launched two parks, Vallam II and Oragadam III in Tamil Nadu, adding 118 acres to its portfolio.
Both the industrial parks will cater to original equipment manufacturers (OEM) such as Yamaha, Hyundai, Royal Enfield, Nissan, Daimler and Foxconn, which operate in the region.
IndoSpace said the parks will boost its footprint across strategically significant regions and are a step towards its long-term goal of creating 120 million sq ft of modern logistics infrastructure across the country.
IndoSpace Industrial and Logistics Park Vallam II is located on State Highway 57 on 50 acres within the State Industries Promotion Corporation of Tamil Nadu Limited (SIPCOT) area. The Grade A park allows businesses to cater to Chennai’s western and southern belts via the Outer Ring Road and offers connectivity to Vallam, Oragadam, Irungattukottai and Sriperumbudur.
The second one, IndoSpace Industrial and Logistics Park Oragadam III, is spread across 68 acres and located off State Highway 48. It offers connectivity to Chennai city and is also close to the industrial and automobile hub of Oragadam and the Sriperumbudur micro-market.
“As a pan-India developer, we strive to provide modern logistics and warehousing facilities across strategic and significant locations. The launch of these two parks embodies IndoSpace’s rapid strides towards building a strong foundation for Grade A logistics infrastructure across the country. We focus on providing world-class, compliant and environment-friendly facilities that are designed and built in line with the latest global trends and technology. Last year was significant for us – we entered new markets and expanded in the ones we are in already. We wish to maintain the same momentum this year," said Rajesh Jaggi, vice chairman – real estate, Everstone Group.
IndoSpace has a portfolio of 43 million square feet across developed and under-construction projects, spanning 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 at Farukhnagar in Haryana, with development potential of 1.28 million sq ft.
Currently, IndoSpace has a portfolio of over 41 million sq ft across 39 industrial and logistics parks under various stages of development in nine major consumption hubs in India. It spent $500 million across nine acquisitions in 2020 and plans to add 4 million sq ft of warehousing space by the end of 2021.
In 2017, Canada’s CPP Investment Board and IndoSpace formed a joint venture named IndoSpace Core to acquire and develop modern logistics facilities.