Infrastructure investor Actis has formed a joint venture with the real estate and infrastructure development arm of Mahindra Group to launch an Indian industrial and logistics development and operating platform.
Actis and Mahindra Lifespaces have launched Ample Parks to acquire and develop approximately 1.5m sqm of greenfield and brownfield sites in key markets across India over the next few years.
Actis holds a majority stake in the joint venture, with Mahindra Lifespaces owning a significant minority stake.
Ample Parks has acquired a 70-acre industrial land parcel within Mahindra World City, Chennai as its first transaction.
The site will be used to develop an integrated industrial and logistics park with buildings.
Brian Chinappi, partner, head of real estate at Actis, said: “India’s industrial and logistics sector represents a tremendous investment opportunity, with the country’s market strongly benefiting from a boom in consumer demand domestically and a realignment of supply chains globally in favour of India, with many corporations implementing a China Plus One strategy.
“By bringing to bear Actis’ track record in sustainable real estate and Mahindra Lifespaces’ broader market expertise, Ample Parks is set to become a key player in this space, capitalising on the growth of this new economy real estate for our investors.”
Amit Sinha, managing director and CEO at Mahindra Lifespaces, said: “The launch of Ample Parks marks a significant milestone in our commitment to developing sustainable and world-class industrial infrastructure in India.
“By combining Actis’s global expertise with our deep understanding of the Indian market, we are poised to create a transformative platform to meet the evolving needs of businesses.”
Akash Rastogi, CEO and director at Ample Parks, said: “Our first project will comprise approximately 2m sqft of Grade A industrial development that can offer plug and play facilities as well as bespoke built to suit solutions to a diverse set of customers and allow for scalability.
“Sustainability will be integral to this development and will enable businesses to operate efficiently while minimising their environmental impact.”
Raghvendra Chandak, director, real estate at Actis, said: “This is a great first step for Ample Parks to develop this project at a strategic location in the thriving industrial ecosystem in Chennai.
“Our aspiration is for the platform to become one of the industrial and warehousing space providers of choice in India, with solutions tailored to meet the needs of industrial customers and supply chain operators.
Actis holds a majority stake in the joint venture, with Mahindra Lifespaces owning a significant minority stake.
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