GIC, ESR to set up $600 mn-fund to invest in industrial assets in India
Singapore's sovereign wealth fund GIC and ESR Group Ltd have formed a joint venture to set up a USD 600 million-fund to acquire logistics and industrial assets in India.
On Thursday, GIC and ESR announced an 80:20 strategic partnership to establish the fund worth USD 600 million (around Rs 5,000 crore) to acquire the "income-producing assets".
ESR is already developing various industrial and logistics parks across major Indian cities.
The joint venture represents an extension of the existing partnership in India between the GIC and ESR, which was initiated in 2020, with the initial capital pool dedicated to investing in development and value-add to logistics and industrial opportunities across India.
It will invest in stabilised operational assets in strategic locations across Tier 1-2 cities in the country, according to a statement.
With an upsurge in the share of organised retail and e-commerce, supported by emerging sectors such as electric vehicles and semiconductors, the ...