To create a Rs 49.64 billion joint venture to purchase revenue-generating core industrial and logistics assets in India, Singaporean sovereign wealth fund GIC and Asia-Pacific focused real estate services and investment firm ESR Group have partnered strategically.

In the joint venture, the sovereign fund will own 80% of the equity, while the Hong Kong-listed ESA will own 20%.

The current alliance between the two in India, which started in 2020, will be expanded by this joint venture.

The new joint venture will invest in stabilized operating assets in key locations in India's Tier 1 and Tier 2 cities and provide targeted capital to enable inorganic growth of the platform.