IndoSpace to invest over $1 billion in India
India’s developer of industrial & logistics parks IndoSpace is planning to invest $1 billion in the country in the next five years to take its total investment to $1.75 billion. This additional investment will increase its development pipeline from 20 million square feet to 50 million square feet. “In addition to growth in consumption and e-commerce, we see India’s great manufacturing potential being unlocked by the government’s Make In India program. This requires world-class industrial and logistics real estate, and as pioneers and leaders in this asset class we will continue to invest aggressively,” said Rajesh Jaggi, Managing Partner – Everstone Real Estate, and Co-CEO of IndoSpace. Currently, IndoSpace, a joint venture between Everstone Group and Realterm, operates world-class industrial and logistics parks in Pune, the National Capital Region, Bengaluru and Chennai. The company has robust plans to fund and expand its 17 industrial real estate projects across the country to support manufacturing, consumer and 3PL (third-party logistics) companies operating in India’s rapidly growing economy. “It is critical that the enabling infrastructure such as land and facilities to manufacture and store goods are in place as India’s manufacturing engine gathers speed,” said Brian Oravec, CEO of IndoSpace, on the side-lines of Swedish Prime Minister Stefan Lofven’s visit to Pune on Sunday, where the premier reviewed Swedish company Ericsson’s site at IndoSpace Chakan I’s sprawling 1.7 million square foot industrial complex. ”Our aim as the leader in this space is to do our part to ensure that the required infrastructure is in place to make in India with ease,” added Oravec. IndoSpace Chakan I, which is located at Chakan, a prime industrial hub near Pune, houses Ericsson, as well as other leading global companies including Bosch, DHL, Leoni, Steelcase, Kubota and Delphi. IndoSpace’s announcement comes as the high-profile ‘Make in India’ week is underway in Mumbai, where Lofven and other foreign heads of governments, as well as top Indian and international corporate leaders, are congregating.
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