IFC To Invest ₹225 Cr In NDR Smart Spaces In equities

The International Finance Corporation (IFC) on Monday announced an equity investment of ₹225 crore (around $23 million) in NDR Smart Spaces.

The investment will support NDR Smart Spaces in developing a pipeline of around 20 million square feet of Grade A warehousing infrastructure across 14 cities, including around 8 million square feet under construction.

NDR Smart Spaces Pvt Ltd is a newly established platform by the NDR group, which is the sponsor of NDR InvIT Trust, dedicated to developing Grade A warehousing and logistics infrastructure across several states, including Maharashtra, Tamil Nadu, and Uttar Pradesh.

The portfolio will comprise both dry warehousing and cold storage facilities, with a strategic focus on tier-2/3 cities that have historically been underserved by modern logistics infrastructure, and where quality formal employment in the organised sector remains scarce, the company said.

"IFC's investment in NDR Smart Spaces will support Grade A warehouses in Tier 2 and Tier 3 cities that attract manufacturers, create formal employment in communities that have rarely seen it, and connect farmers to markets, reducing the losses that cost them their livelihoods," said Shalabh Tandon, IFC's Regional Head of Operations & Climate and Interim Regional Division Director, South Asia.

The World Bank Group's Country Partnership Framework for India puts private sector-led job creation front and centre, and modern logistics infrastructure is critical to delivering on that promise, he said.

The partnership is expected to create about 1,200 direct jobs per million square feet of warehousing developed, the company said.

Across NDR Smart Spaces' 20 million square foot pipeline, this translates to around 24,000 direct employment opportunities spanning logistics, operations, maintenance, and management roles, including jobs for women, it said.

This project will add 1.5 million square feet of cold storage capacity, directly helping reduce post-harvest losses, support farmers' incomes, and improve the supply of food for consumers, the company said.

"IFC's investment marks a significant milestone in NDR Smart Spaces' growth journey. As India continues to invest in world-class infrastructure, this partnership strengthens our ability to develop high-quality logistics and social infrastructure assets at scale," said Amrutesh Reddy, Director, NDR Smart Spaces.

The company looks forward to leveraging this partnership to accelerate our growth while creating long-term value for all our stakeholders, he added.