IndoSpace acquires 1.3 mln sq. ft. of land in the industrial hub of Sri City in Andhra Pradesh
IndoSpace announced the acquisition of 1.3 mln sq. ft. (~ 30 acres) of land in the industrial hub of Sri City in Andhra Pradesh. With this latest land purchase—its first acquisition of land in Andhra Pradesh—IndoSpace adds to its portfolio of approximately 30 million sq. ft. of developed, underdevelopment and planned modern logistics and light manufacturing space in India. IndoSpace is a joint venture between the Everstone Group and US-based Realterm. The acquisition comes on the back of IndoSpace announcing in December the launch of five new mega parks across India’s key industrial and logistics hubs. These parks were in Narasapura (Bengaluru); Badli (National Capital Region); Bhaproda (National Capital Region); and two parks at Khopoli (Mumbai). It also announced the expansion and development of its existing Ranjangaon park (Pune). “Improved road connectivity, the Make in India initiative and GST, has led to a surge in demand for quality logistic facilities in India and we are significantly growing our world-class warehousing and light manufacturing facilities to meet this demand across multiple sectors.” said Rajesh Jaggi, Managing Partner, Real Estate, Everstone Group. IndoSpace currently has a portfolio of 28 logistics and industrial parks across the country including developed parks, as well as parks under various stages of development. Stating that IndoSpace's entry will certainly enhance the symbiotic ecosystem in Sri City, Mr. Ravindra Sannareddy, Founder Managing Director, Sri City said, "With its large industrial real estate and logistics park, we are confident, IndoSpace will greatly facilitate the manufacturing supply chain system, benefiting not only the manufacturing units in the region, but also the neighbouring ports, and create more job opportunities.”