12 May 2022 , 10:01 AM
The platform will jointly invest ~USD 1 billion to create ~30 million sq. ft. of operating assets to serve India’s digital economy. Each of the 3 partners will have a ~33% equity interest in the property ownership, whilst Lodha will lead the development, operations and management of the assets.
Commenting on the partnership, Abhishek Lodha, MD & CEO, Lodha said, “With the rapid digitization of our economy and the progress of ‘Make in India’ combined with the China + 1 strategy of most global manufacturers, we see that there is a huge demand for Grade-A digital infrastructure in our country.
Following the government’s focus on improving logistics efficiency and creating jobs in different parts of the country, the platform will plan the development of industrial and logistics parks as well in-city fulfillment centers across multiple cities in India. And we will focus on building and operating this digital infrastructure to the highest levels of environmental sustainability with the view to creating a global benchmark.
We’re delighted to expand our partnership with 2 marquee global investors – lvanhoé Cambridge and Bain Capital, who bring extensive experience in this asset class and dedicated resources to support the growth of this platform.”
The first project is a ~110-acre logistics and industrial park development at Palava, an established location for digital infrastructure in Mumbai. Additionally, the platform has already started looking at the pan-India acquisitions of land and developed/ under-development projects in these asset classes.
“This is an exciting partnership that brings together an experienced real estate developer with deep digital infrastructure capabilities with the complementary support of global investors with long track records of success in commercial real estate,” said Ali Haroon, a Managing Director at Bain Capital.
“We see a sustained, thematic opportunity to support India’s journey to a digital-first economy with high-quality infrastructure, which we believe can have a very positive impact on communities, consumers and businesses throughout the country” he added.
At around 10:05 AM, Lodha Developers was trading at Rs879.50 per piece lower by 1.79% on the BSE.
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.