Industrial and logistics real estate developer IndoSpace is set to develop two hubs in Karnataka for an investment of ₹580 crore, the company said in a statement on August 22. This is a part of a larger ₹3,000 crore commitment made under a Memorandum of Understanding (MoU) inked with the Government of Karnataka in 2022.
Spread over 75-plus acres, the two facilities will cater to a range of industries including automobiles, engineering, electronics, as well as third party logistics (3PL) operators, the company statement said.
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Other logistics parks
IndoSpace Nelamangala II logistics park entails an investment of ₹240 crore and spans over 35 acres along the Bengaluru-Mumbai highway (NH48).
Meanwhile, IndoSpace Narasapura II, with an investment of ₹340 crore, is spread across more than 40 acres. It is situated off Old Madras Road, (NH 75), with proximity to major industrial hubs like Vemgal, Malur and Hoskote.
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“We are excited to be an integral part of Karnataka’s industrial growth story with our strategically located, well-connected logistics parks. Our investment is over ₹580 crore in these two new state-of-the-art parks spread over 75 acres in Karnataka. We continue to scout for more opportunities to serve this state’s and India’s economy,” said Rajesh Jaggi, Vice Chairman, Real Estate, The Everstone Group.
This comes in addition to IndoSpace’s three operational logistics parks in Karnataka. IndoSpace Nelamangala I, which is spread over 16 acres; IndoSpace Bommasandra, on the new Bengaluru – Chennai highway spanning 5.4 acres; and Narasapura I, which is spread over 64 acres.
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IndoSpace, which is backed by Everstone Group, has a network of 52 logistics parks spread across 11 cities. The brand’s overall footprint extends across 58 million square feet, delivered and under development.
