Ivanhoe Cambridge has exited three digital infrastructure platforms by selling its stakes in them to joint venture partner Macrotech Developers for around ₹240 crore.
In an exchange filing Macrotech Developers or Lodha said that in line with its objectives to gradually increase its annuity income it had executed share purchase agreements with Ivanhoe Warehousing to acquire its interest in three platform entities Bellissimo Digital Infrastructure Development Management, Palava Induslogic 4 and Bellissimo In City FC Mumbai 1. Post the acquisition its stake in the above three entities would increase to 70 per cent, 66.67 per cent and 66.67 per cent respectively.
In 2022, Lodha, Ivanhoe Cambridge (a subsidiary of Caisse de dépôt et placement du Québec) and Bain Capital formed a platform to invest $1 billion in creating 30 million square feet of digital infrastructure assets across India. They each had a one-third interest in the venture Lodha Industrial and Logistics Parks.
So far, only two assets have been created under this platform: one in Navi Mumbai near Palava and an in-city fulfilment centre in the eastern suburb of Kurla.
Businessline reported earlier this month that the venture was finding it difficult to establish a pan-India warehousing and logistics chain due to the high land acquisition costs.
According to the filing, of the three entities, only Bellissimo Digital Infrastructure Development Management, in which Ivanhoe had a 10 per cent stake, was generating revenue of Rs 55.5 crore as of March 31, 2024. The other two have yet to generate any income.
Before the sale, the CDPQ arm held a 33.3 per cent stake in the other two logistics entities.