IndoSpace, which develops industrial and logistics parks, plans 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 the developer’s development pipeline from 20 million square feet to 50 million square feet, the company said in a statement on Monday.
“In addition to growth in consumption and ecommerce, we see India’s great manufacturing potential being unlocked by the government’s Make In India programme. 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-chief executive officer of IndoSpace.
Currently, IndoSpace, a joint venture between Everstone Group and Realterm, operates 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, chief executive officer of IndoSpace.