Raheja Corp enters logistic business in association with ProLogis
Real Estate developer K Raheja Corp is entering the logistic business in association with US-based ProLogis and setting up Warehousing and Logistic Infrastructure Development.
By PTI |
MUMBAI: Real Estate developer K Raheja Corp on Wednesday said it is entering the logistic business in association with US-based ProLogis and setting up Warehousing and Logistic Infrastructure Development.
The joint venture between both the players is 50:50 and they would invest Rs 2,300 crore in the logistic business for the next three years.
"The joint venture will invest Rs 2,300 crore over the next three years. The JV will acquire land, develop properties and manage assets in Mumbai, Delhi, Chennai, Bengaluru, Kolkata and Pune," Industrial Infrastructure and Logistics Division CEO Vishal Dhumal told reporters.
This division was created by K Raheja Corp to run the JV. This logistic business would serve food, auto components, retail and textiles industries. "We would focus on manufacturing and retail," he said.
The JV has acquired 100 acres of land, partly in Pune and Chennai. "We would acquire 100-150 acres in each market," he said.
By 2009-10, the company's first logistic park would be in place, he added.
"We have a common corporate culture. Their perspective is long term investment and long term strategic business. That is what we do. We are not opportunist," ProLogis Chairman and CEO Jeff Schwartz said about the tie up.
ProLogis is a owner, manager and developer of distribution space across different global markets.
The JV would develop 7.5 million sq ft in the next three years and 25 million sq ft in five years.
The joint venture between both the players is 50:50 and they would invest Rs 2,300 crore in the logistic business for the next three years.
"The joint venture will invest Rs 2,300 crore over the next three years. The JV will acquire land, develop properties and manage assets in Mumbai, Delhi, Chennai, Bengaluru, Kolkata and Pune," Industrial Infrastructure and Logistics Division CEO Vishal Dhumal told reporters.
This division was created by K Raheja Corp to run the JV. This logistic business would serve food, auto components, retail and textiles industries. "We would focus on manufacturing and retail," he said.
The JV has acquired 100 acres of land, partly in Pune and Chennai. "We would acquire 100-150 acres in each market," he said.
By 2009-10, the company's first logistic park would be in place, he added.
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"We have a common corporate culture. Their perspective is long term investment and long term strategic business. That is what we do. We are not opportunist," ProLogis Chairman and CEO Jeff Schwartz said about the tie up.
ProLogis is a owner, manager and developer of distribution space across different global markets.
The JV would develop 7.5 million sq ft in the next three years and 25 million sq ft in five years.
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