K Raheja enter in logistics business

MUMBAI: K Raheja Corp, a top real estate company, has entered into a fifty fifty joint venture with Colorado-based ProLogis, a leading owner, manager and developer of distribution facilities globally. The joint venture is for warehousing and logistic infrastructure development in India and is ProLogis’ first business in the country.

According to the agreement, the joint venture will obtain land, develop the property and manage the assets and will firstly focus on protecting development chances in cities together with Mumbai, Chennai, Delhi, Bangalore, Kolkata and Pune. The joint venture will invest around two thousand three hundred crore for three years.

To start with, the joint venture has obtained twenty seven acres in Loni near Pune. The joint venture is expected to develop 7.5 million square feet in the subsequenty three years and a total of twenty million square feet for the next five years.

The K Raheja Group is also into retail and hospitality sections in addition its centeral business of realty. The group possesses some of the country’s important retail brands such as Shopper’s Stop, Inorbit Mall, HyperCity and Crossword.