IndoSpace, a developer of industrial & logistics parks, signed two MoUs with Maharashtra Industrial Development Corporation (MIDC) for a potential investment of Rs.768 crore ($112 million). IndoSpace, a joint venture between the Everstone Group and US-based Realterm, is the pioneer and largest provider of industrial and logistics real estate in India and currently has 17 projects under development across India.
The MOUs are for the development of projects at MIDC’s Ranjangaon and Chakan industrial parks. On completion, the two projects will generate employment for approximately 4,000 people, IndoSpace announced today.
The MOUs were signed at the Maharashtra Investment Summit during this week’s Make In India drive in Mumbai. They will facilitate IndoSpace’s proposed investment at MIDC’s Chakan and Ranjangaon parks by enabling necessary registrations, approvals, and clearances required from the concerned departments as per existing policies, rules and regulations of the Government of Maharashtra.
“The Government of Maharashtra has been very supportive in our efforts to develop world-class industrial and logistics infrastructure in the state, and these MoUs will fast-track investment into these projects, accelerate their development, and help attract more multinational manufacturing companies to Maharashtra,” said Brian Oravec, CEO of IndoSpace, in a release.
Earlier, IndoSpace announced a proposed investment of $ 1 billion in India over the next five years, which will fund the development and expansion of its own 17 industrial real estate projects across the country to support manufacturing, consumer and 3PL (third-party logistics) companies operating in the nation’s rapidly growing economy.