Canada's CPPIB, Tata Realty to form Rs.2,000-Cr JV to invest in commercial property

Canada Pension Plan Investment Board (CPPIB) and Tata Realty and Infrastructure are in talks to set up a commercial property development platform in India with each investing INR 1,000 crore into the JV entity. The duo will be looking for greenfield assets to beef up the portfolio and brownfield commercial properties across the country to develop them. While CPPIB's contribution will be direct investment of INR 1,000 crore, Tata Realty's investment will be in the form of a 49% stake in two of its IT SEZs to be offered to the proposed platform. The two SEZs are expected to be Intellion Park Chennai, previously known as Ramanujan IT City, and Intellion Park on Golf Course Extension in Gurugram.