MUMBAI/CHENNAI: IndoSpace has signed a Memorandum of Understanding with TN during the Tamil Nadu Global Investors Meet 2024, that entails an investment of Rs 2,000 crore.
The official announcement, made under the backdrop of the recently-concluded GIM, is anticipated to generate 15,000 new jobs, providing a substantial boost to employment opportunities in the state.
Rajesh Jaggi, vice chairman - real estate, Everstone Group, said: “TN continues to be an important destination for us in developing industrial parks. We are confident that this partnership will not only contribute to TN’s economic development but also work towards strengthening the overall economy for the nation.”
IndoSpace has an existing land bank of approximately 600 acres in the region. With an expansive presence of 14 Grade A industrial and logistics parks strategically located around the main industrial hubs, IndoSpace has developed and leased around 13 mn sqft with a total investment of approximately Rs 4,000 crore in the state. The latest MOU is a part of its commitment towards supporting industrial needs and has led to the planning of an additional 5 mn sqft of land in the state.