Indospace to develop 2 industrial parks in Maharashtra

Indospace on Friday said it has signed memoranda of understanding (MoUs) with Maharashtra Industrial Development Corporation (MIDC) to set up two industrial parks in the state with a potential investment of Rs 768 crore.

The MoUs, which were signed during the recently concluded 'Make In India' week, are for the development of industrial and logistics parks at Ranjangaon and Chakan (in Pune district), which will entail an investment of around Rs 768 crore, a statement issued here said.

IndoSpace is a joint venture between the Everstone Group and US-based Realterm.

MIDC owns the land, where these projects will be developed. On completion, the two projects will generate employment for around 4,000 people.

"The state 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," IndoSpace Chief Executive Brian Oravec said.

Earlier this week, IndoSpace announced a proposed investment of USD one 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 India.