New Delhi, Jan 15 (PTI) Everstone-promoted IndoSpace Tuesday said it will invest Rs 650 crore in Gujarat to develop three logistic parks over the next three years.

IndoSpace has announced its foray into the state with start of construction work at its first logistic park in Bavla near Ahmedabad. The park will be spread over 47 acre with leasable area of 1 million sq ft.

The park is located close to the industrial hubs of Sanand and Changodar and has easy access to Kandla and Mundra ports.

With rising demand of industrial space, IndoSpace is planning to build two more logistics parks in Gujarat with a total leasable area of 1.5 million sq ft.

“The Bavla industrial park not only marks our foray into Gujarat, it also shows our clear determination to strengthen our leadership in the light industrial manufacturing space. We plan to invest Rs 650 crore in new parks across Gujarat.

“Upon completion, the projects are expected to generate employment for more than 10,000 people directly and indirectly,” said Rajesh Jaggi, Managing Partner, Real Estate, Everstone Group.

Recently, IndoSpace announced the closure of its third logistics real estate fund with a corpus of USD 1.2 billion, taking its total India commitment to well over USD 3.2 billion.

It has around 30 million square feet across developed and under-construction projects. Its portfolio includes 30 industrial and logistics parks in nine cities.

Indospace, promoted by Everstone Group, GLP and Realterm, has clients like IKEA, Amazon, Nissan, PepsiCo, DHL, Leoni, Steelcase, Kubota, Ericsson, Bosch and Delphi.

The Everstone Group is a premier India and South East Asia focused private equity and real estate firm. GLP is the leading global provider of modern logistics facilities and technology-led solutions. Realterm is a multi-strategy private equity real estate operator in North America.

This is published unedited from the PTI feed.