Ivanho茅 Cambridge and Bain Capital have partnered with India鈥檚 largest real estate developer Lodha to jointly invest $1bn (鈧�950m) to develop industrial and logistics parks and in-city fulfilment centres across multiple cities in India.
The firms said the platform will jointly invest the capital to create 30m sqft of operating assets to serve India鈥檚 digital economy.
The three partners will each have an equal equity interest in the venture. Lodha will lead the development, operations and management of the assets.
The companies said the platform鈥檚 first project is a 110-acre logistics and industrial park development at Palava in Mumbai.
The platform has also started looking at the pan-India acquisitions of land and developed/ under-development projects in these asset classes, the partners said in a joint statement.
Chanakya Chakravarti, VP and managing director in India, at Ivanho茅 Cambridge, said the partnership opens up new perspectives for the expansion of Ivanho茅 Cambridge鈥檚 logistics portfolio in India.
Chakravarti said the new partnership potentially enables Ivanho茅 Cambridge access to near city logistics opportunities as operators pivot to establish same-day delivery solutions thus creating 鈥渄ifferentiated value in our portfolio construct and its scale鈥�.
Ali Haroon, a managing director at Bain Capital, said: 鈥淲e see a sustained, thematic opportunity to support India鈥檚 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.鈥�
Abhishek Lodha, managing and CEO, Lodha said following the government鈥檚 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 as in-city fulfilment centres across multiple cities in India.
鈥淎nd 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.鈥�
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