Mumbai-based Agre Developers Ltd has said in a filing that it has formed an equal joint venture with infrastructure financing major Infrastructure Leasing & Financial Services Ltd for a Rs 1,200 crore infra-logistics park. Agre Developers was demerged from Pantaloon Retail (India) Ltd last year and is focused on retail real estate, infra-logistics parks and development of wholesale markets.
Shareholders of Agre include ICICI Ventures, Kotak Private Equity and Rakesh Jhunjhunwala. Kishore Biyani’s Future Group holds 44 per cent stake in the firm through various entities.
“The parties have agreed that this arrangement shall work on an exclusive basis and that they shall not, directly or through their affiliates, engage in competitive businesses. In the first phase, it is proposed that approximately 10 million sq. ft. of internationally benchmarked infrastructure will be created across the country at an outlay of approximately Rs 1200 crore,” Agre stated in a filing to the exchanges.
However, more details were not disclosed.
The share price of Agre went up as much as 6.8 per cent on Monday and it was trading at Rs 53 at 12:30 pm, up 2.91 per cent.
Agre Developers plans to set up six infra-logistics parks (each spanning 100 acres of land) across the country in collaboration with Future Supply Chain Solutions Ltd, the group’s logistics backed by Hong Kong-based private equity firm Fung Capital. Agre aims to support these parks with low-cost residential and retail developments in the surrounding areas.
Agre reported an income of Rs 104.65 crore, with a profit before tax of Rs 3.35 crore.
