InterGlobe unit bids for ₹1,800 cr park deal in Hyderabad

A unit of InterGlobe Enterprises, the parent of India’s leading airline IndiGo, is among the three shortlisted bidders to acquire a 2.3-million-sqft of tenanted business park WaveRock — jointly owned by New York-based Tishman Speyer and GIC of Singapore — in Hyderabad. Inter-Globe is vying with Canadian Pension Plan Investment Board (CPPIB) and a joint venture between Shapoorji Pallonji and insurance giant Allianz for the Rs 1,800-crore acquisition, people directly aware of the matter said.

The interest of InterGlobe promoters, through InterGlobe Real Estate, in a big commercial real estate deal is significant as it signals large Indian conglomerates diversifying investments into rent-yielding commercial realty.

International property consultant JLL is running a sale process for WaveRock.


InterGlobe Real Estate was incorporated to acquire rent-yielding commercial assets across India. It currently manages a 1-million-sqft portfolio and is looking to aggressively grow this number. “We continue to look at various options available in the market, including in Hyderabad. However, we refuse to comment on its participation in the bid for this specific asset in Hyderabad,” an InterGlobe spokesperson said in an emailed response. When contacted, Tishman Speyer declined to comment, while GIC could not be reached for comments immediately.