The largest developer in India and owner of Grade A industrial properties, IndoSpace, struck an agreement on Friday to spend 3,000 crore in the state’s warehousing and logistics industry.

“The MoU, which is the largest the state has seen in value by any industrial developer, is for a period of seven years and promises to generate 14,000 new jobs in Karnataka,” the company said in a statement.

Basavaraj Bommai, the chief minister of Karnataka, presided over the Invest Karnataka 2022 conference, which was where the news was made. Through this investment, IndoSpace hopes to spur further capital into the region and address the growing needs of businesses involved in logistics and warehousing.

“Karnataka has a vibrant and growing base in sectors like automobile, electronics, aerospace, agriculture, textiles and engineering. We want to help enrich these industries and provide them with world-class warehousing and logistics facilities. Our investment, which is the largest ever in Karnataka, will work towards enhancing the industrial infrastructure in the state. IndoSpace already has a significant presence in the state, and we have enabled tenants from sectors such as electronic, automobile, e-commerce, fashion, supply chain and more to grow,“ said Rajesh Jaggi, Vice Chairman – Real Estate, Everstone Group.

“At IndoSpace, we are committed to strengthening the Indian economy by meeting the country’s ever-rising demands around industrialisation and the supply chain ecosystem. We look forward to support from the Karnataka government and make a positive impact in the state,” he added.

IndoSpace already has a strong footprint in Karnataka with its operational Grade-A industrial parks in Bommasandra, Nelamangala I and upcoming facilities in Nelamangala II and Naraspura.

These facilities are strategically located for companies looking to speed up inter-city logistics movement and in-city warehousing. This latest investment will work towards contributing to Karnataka’s logistics and warehousing industry to flourish and attract further investments in the state, it said.

IndoSpace has pioneered modern industrial and logistics real estate in India with a portfolio of 46 logistics parks spread across 51 million square feet in 10 cities. Over the last decade, IndoSpace’s award-winning parks have consistently set the benchmark in terms of quality, services, sustainability, and governance, which makes it the partner of choice for over 100 MNCs along with Indian companies.

Further, it continues to revolutionize the path to meet India’s ever-rising demands around industrialisation and the supply chain ecosystem. Through the finest warehouse network in India, IndoSpace’s logistic parks have actively contributed to the establishment of over USD 2 billion of AUM across all investment vehicles.