Mumbai, Apr 9 (UNI) K Raheja Corp, India's leading real estate firm, has entered into a 50:50 joint venture (JV) with world's largest logistic infrastructure provider ProLogis to develop warehousing and logistic infra-structure development in the country. The duo under this JV will invest Rs 2,300 crore in the next three years for aquiring the land, develop properties and manage the assets in various cities in India including Mumbai, Chennai, Delhi Begalore, Kolkata and Pune, the firm said in joint press conference here today.
Under the terms of the agreement, the Rahejas will look after construction and developmental activities of the warehousing and logistic infrastructure, while ProLogis would provide management services, Raheja Corp CEO (industrial infrastructure&logistics division) Vishwas S Dhumal told reporters.
However, Mr Dhumal declined to clarify the investment arrangements and said that the majority of investment will be in land acuisition and it depends on government regulations about the foreign direct investment in land.
''In the first three years, the JV would develop 7.5 million square feet of warehousing assets in various cities in India and plans to develop 25 million square feet in the five years,'' Mr Dhumal said adding that the firm had already acquired 100 acre land in Pune and Chennai and is in talks for acquisition of lands in other cities.
''We have seen demand for modern warehouse space in India rising susequently in the past several years owing to strong growth. India is one of Asia's most vibrant growth markets and launching development in this country is a logical next step.'' ProLogis Chairman Jeff Schwartz said.
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