Macrotech Developers, Bain Capital, Ivanhoe Cambridge to invest $1 billion in India.
New Delhi, May 11 (PTI) Realty firm Macrotech Developers on Wednesday announced a tie-up with Bain Capital and Ivanhoe Cambridge. Under this tie-up, a platform will be set up, which will invest one billion dollars (about Rs 7,700 crore) in India to develop the digital infrastructure sector, including warehouses and industrial parks.
“The platform will jointly invest approximately $1 billion to create approximately 30 million square feet of operating assets for India’s digital economy,” the company said in a statement.
The three partners will each hold around 33 per cent stake in the platform.
Mumbai-based Macrotech Developers will handle the development, operation and management of the property. Macrotech Developers markets its properties under the Lodha brand.
Abhishek Lodha, Managing Director and Chief Executive Officer (CEO), Macrotech Developers said, “With the rapid digitization of our economy and the progress of Make in India, most of the global manufacturers are adopting the China + 1 strategy. So we find that there is a huge demand for a digital infrastructure in our country.”
He said that the platform will plan the development of industrial and logistics parks as well as ‘fulfillment centres’ in the city in several cities of India.
He said that the highest standards of environmental sustainability will be taken care of in the creation of digital infrastructure.
As the first project under this initiative, a Logistics and Industrial Park will be developed on 110 acres of land in Palava. Palava is a well-known destination for digital infrastructure in Mumbai.
“This is an exciting partnership that brings together global investors with an experienced real estate developer,” said Ali Haroon, Managing Director, Bain Capital.
Chanakya Chakraborty, Vice President and Managing Director, India, Ivanhoe Cambridge, said, “This partnership opens up new avenues for expanding our logistics portfolio in India.
