New Delhi: Singapore-based Sovereign Wealth Fund GIC and ESR Group Limited have jointly announced the establishment of a fund of $600 million (about Rs 5,000 crore) for the acquisition of logistics and industrial resources in India. The GIC and ECR announced a strategic agreement of 80:20 on Thursday. Through this, a fund of $ 600 million will be set up, and assets will be acquired in the future.

ESR is already building various industrial and logistics parks in major cities in India. This joint agreement between GIC and ESR is an extension of their current partnership in India. The two signed on the partnership in 2020. According to a statement, the investment will be made in fixed managed assets at strategic locations in Class I and II cities in India.

Esr co-founders and co-CEOs Stuart Gibson and Fazeffrey Sen said, “The support of capital partnerships is critical to the expansion of ESR’s new financial real estate platform. Looking forward to working with GIC to take advantage of the robust growth in the logistics sector in India.”