Singapore’s GIC, ESR Cayman to have Rs 4,750 cr play in Indian logistics market
New Delhi: Singapore’s GIC and logistics firm ESR Cayman have inked a 80:20 partnership to set up Rs 4,750 crore (USD750 million) JV to develop and buy out industrial and logistics properties in India.
The joint entity will develop institutional grade logistics set-up and also acquire such assets. It will focus on metros and tier 2 cities across India, the companies said in a statement.
The new joint entity will have a 2.2 million square feet logistics facility to start with which will be located close to Mumbai.
“GIC has been investing in India for more than a decade, and this investment is a testament to our confidence in the long-term potential of this market,” Lee Kok Sun-Chief Investment Officer of Real Estate, GIC said.
ESR Cayman is a Warburg Pincus-backed firm.