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The International Finance Corporation (IFC) has announced an equity investment of INR 225 crore, equivalent to around USD 23 million, in NDR Smart Spaces to support the development of a Grade A warehousing and logistics infrastructure pipeline of around 20 million sq ft across 14 Indian cities. About 8 million sq ft of the planned portfolio is already under construction. The newly established platform of the NDR Group will develop both dry warehouses and cold storage facilities, with a focus on Tier 2 and Tier 3 cities in states including Maharashtra, Tamil Nadu and Uttar Pradesh. The investment is expected to support around 24,000 direct employment opportunities across the full pipeline, based on an estimated 1,200 jobs per million sq ft. The project will also add 1.5 million sq ft of cold storage capacity, aimed at reducing post-harvest losses and improving agricultural supply chains.
The International Finance Corporation (IFC) has announced an equity investment of INR 225 crore, or around USD 23 million, in NDR Smart Spaces to support the development of Grade A warehousing and logistics infrastructure across India, the organisation said on Monday.
The investment will support a development pipeline of around 20 million sq ft of Grade A warehousing infrastructure across 14 cities, of which approximately 8 million sq ft is already under construction. The platform is focused on developing logistics assets in multiple Indian states, including Maharashtra, Tamil Nadu and Uttar Pradesh.
NDR Smart Spaces Pvt Ltd is a newly established platform of the NDR Group, which sponsors NDR InvIT Trust. The platform is dedicated to developing Grade A warehousing and logistics infrastructure and will include both dry warehousing and cold storage facilities.
The portfolio will have a particular focus on Tier 2 and Tier 3 cities that have historically had limited access to modern logistics infrastructure. The company said these locations also face shortages of organised-sector employment opportunities, linking the infrastructure investment with job creation and improvements in local supply chains.
Shalabh Tandon, IFC’s regional head of operations and climate and interim regional division director for South Asia, said the investment would support Grade A warehouses in smaller cities that could attract manufacturers and create formal employment. He added that improved logistics infrastructure could also help connect farmers with markets and reduce losses affecting agricultural livelihoods.
Tandon said the World Bank Group’s Country Partnership Framework for India places private sector-led job creation at the centre of its approach, while modern logistics infrastructure is an important component of achieving that objective.
According to NDR Smart Spaces, the partnership is expected to create approximately 1,200 direct jobs for every million sq ft of warehousing developed. Across the proposed 20 million sq ft pipeline, this translates into around 24,000 direct employment opportunities in logistics, operations, maintenance and management, including opportunities for women.
The planned developments will also add 1.5 million sq ft of cold storage capacity. The company said this infrastructure would help reduce post-harvest losses, support farmers’ incomes and improve the availability of food for consumers.
Amrutesh Reddy, director, NDR Smart Spaces, said the IFC investment marked an important stage in the company’s expansion. He said the partnership would strengthen its ability to develop logistics and social infrastructure assets at scale as India continues to invest in infrastructure.
NDR Smart Spaces said it intended to use the partnership to accelerate development of its planned portfolio while creating long-term value for stakeholders. The platform’s focus on Tier 2 and Tier 3 markets forms a key part of its warehousing strategy, alongside the development of dry storage and temperature-controlled facilities.
Source - PTI
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