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TVS Industrial & Logistics Parks (TVS ILP) has raised over INR 1,300 crore through a private placement of its warehousing assets-led Infrastructure Investment Trust (InvIT). The InvIT will list on the National Stock Exchange on July 8. TVS ILP has built a platform of 20 million sq ft, transferring 11 million sq ft valued at INR 3,000 crore into the InvIT. The portfolio spans major cities like Chennai, Pune, and Kolkata. This fundraising comes amidst a regulatory push to streamline privately-placed InvITs into public offerings, supporting India's growing warehousing sector.
TVS Industrial & Logistics Parks (TVS ILP) has recently raised a substantial amount of capital for its warehousing assets across key Indian cities. The company secured over INR 1,300 crore through a private placement, as part of a strategy to fund its expanding portfolio by launching an Infrastructure Investment Trust (InvIT). Advertisement
The capital was raised through a private placement of its warehousing assets-led InvIT. This InvIT will be listed on the National Stock Exchange (NSE) on July 8. This timing follows a regulatory push to streamline the conversion of privately-placed InvITs into public offerings, with SEBI (Securities and Exchange Board of India) releasing a draft circular on Tuesday that proposes relaxations to the conversion framework.
TVS ILP has developed a platform of 20 million square feet of warehousing space. It has transferred 11 million square feet of operational assets, valued at approximately INR 3,000 crore, into the InvIT. This warehousing portfolio spans key submarkets in Chennai, Pune, Kolkata, Hosur, Kochi, and northeastern states.
The company currently has an operational area of about 9.35 million square feet as of December 31, 2024, and approximately 2 million square feet under development, expected to be operational by March 2025. It plans to increase its total leasable area to around 11 million square feet by the first quarter of fiscal year 2026 and aims to reach 20 million square feet by 2026.
TVS ILP is a joint venture between TVS Supply Chain Solutions and Ravi Swaminathan & Family, part of TVS Mobility Group. The company, founded in 2005 and based in Mumbai, focuses on developing warehouses in underserved markets and has a diversified geographical presence across 19 locations in 7 states. It maintains 100% occupancy for its operational assets.
Its lease agreements are typically long-term, often spanning five to ten years. Within these agreements, there is usually a lock-in period of three to five years, providing steady cash flows with industry-standard escalations. Its tenant profile includes major companies like Flipkart, Alstom Transport, Amazon, Nestle India, and Godrej & Boyce. For the financial year ending March 31, 2024, TVS ILP reported a revenue of INR 188 crore.
The company's total funding raised to date is USD 36.5 million over five rounds, with its latest funding being a USD 100 million debt round in August 2023. The Indian warehousing market is valued at USD 20 billion and is projected to reach INR 2.8 trillion by 2027, with a compound annual growth rate (CAGR) of 15.64% between 2022 and 2027. The industry is shifting from traditional storage to modern, technologically-driven facilities, driven by e-commerce expansion, government policies, and demand for industrial products.
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