Tamil Nadu Remains Preferred destination for global OEM

IndoSpace stated that Tamil Nadu remains a popular choice for global Original Equipment Manufacturers (OEMs) such as Hyundai, Nissan, Foxconn, and Pegatron, who have revealed substantial expansions in the state. The company also mentioned that it has played a key role in creating a supporting ecosystem for these OEMs.

IndoSpace, a company that operates logistics parks, announced its intention to strengthen its position in the manufacturing industry by planning to invest up to Rs 4,500 crore in new logistics and warehouse parks located in Tamil Nadu.

The top developer of Grade A industrial and logistics real estate, had recently entered into a preliminary agreement with the Tamil Nadu government to invest Rs 2,000 crore in the state's logistics sector.

“IndoSpace announces plans to increase its investments up to Rs 4,500 crore in new logistics and warehouse parks in Tamil Nadu. These parks will support the growing manufacturing sectors like automobile and electronics in the state,” the company said.

IndoSpace added that this investment will result in the creation of more than 8,000 new jobs, as well as boosting economic growth and improving the state's reputable industrial infrastructure.

“Our ongoing investments, including a recently signed MoU with the Tamil Nadu government, demonstrate our strong belief in the state’s potential as a global manufacturing powerhouse,” said Rajesh Jaggi, Vice-Chairman, Real Estate, The Everstone Group.

According to the company, IndoSpace has built 8.8 million sq ft of infrastructure in Tamil Nadu with 15 Grade A parks in its portfolio, while also constructing 2 million sq ft more and planning 4.6 million sq ft for future development.