GIC

In the newly formed joint venture (JV), GIC holds 80 per cent ownership, which is an extension of an existing partnership between the entities in the country. A couple of Indian corporations, such as logistics firm Blue Dart Express and staffing solutions provider Quess unfolded their arms in metros catering smaller cities

Singapore based sovereign wealth fund GIC and real estate investment manager ESR Group have entered into a partnership to form a 600 million dollar joint venture. The set-up is entered by both with an aim of buying profit-making industrial and logistics assets in India, they said on 3 November.

In the newly formed joint venture (JV), GIC holds 80 per cent ownership, which is an extension of an existing partnership between the entities in the country. It looks forward to investing in “stabilised operational assets” in tier 1 and tier 2 cities, across the country.

A couple of Indian corporations, such as logistics firm Blue Dart Express and staffing solutions provider Quess unfolded their arms in metros catering smaller cities. They have been tapping the growth of demand for online shopping in the middle class across the nation.

Due to a surge in online shopping and store purchases too GIC and ESR expects better performance on industrial and logistics’ part as compared to assets other real estate and infrastructure assets in the medium term

Chief Executive Officer, ESR India, Abhijit Malkani in a statement said that India stands at a point of supply chain transformation supported by automation, digitisation, and favourable government policies.