Private Equity

Liquidity Events

Ivanhoe Cambridge divests stake in 3 JVs to partner Macrotech for Rs.240-Cr

Business Line  

Ivanhoe Cambridge (a subsidiary of Canada’s CDPQ) has exited three digital infrastructure platforms by selling its stakes in them to joint venture partner Macrotech Developers (formerly Lodha Developers) for around INR 240 crore.Macrotech would acquire Ivanhoe Warehousing’s 10% interest in Bellissimo Digital Infrastructure Development Management and 33.3% stake in the other two: Palava Induslogic 4 and Bellissimo In City FC Mumbai 1. Post the acquisition Macrotech’s stake in the above three entities would increase to 70%, 66.67 % and 66.67 % respectively.Of the three entities, only Bellissimo was generating revenue of INR 55.5 crore as of March 31, 2024. The other two have yet to generate any income.

In May 2022, Real estate firm Lodha had partnered with Bain Capital and Ivanhoe Cambridge to build a platform of logistics and light industrial parks, as well as in-city fulfilment centres. The platform jointly invested USD 1 Billion to create about 30 million sq ft of operating assets to serve the country's digital economy. Each of the three partners will have a 33% equity interest in the property ownership, while Lodha will lead the development, operations and management of the assets.