Building Objective Constructing Relations.
Altico invests ₹650 cr in industrial real estate
Altico Capital India, a real estate-focused non-banking financial company (NBFC), has recently entered the warehousing and logistics sector and invested ₹.650 crore in Renaissance Group’s ongoing industrial and warehousing park project in Bhiwandi near Mumbai, Altico chief executive, Sanjay Grewal said, adding that the project has a development potential of 20 million sq.ft of warehousing and industrial space as industrial real estate is emerging as a go-to asset class for foreign investors, aided by the government’s Make in India initiative and the goods and services tax (GST). The move is in line with Altico’s strategy to diversify beyond commercial office and residential real estate, into infrastructure, health, education and hospitality. This is to achieve the firm’s goal of doubling its loan book to $2 billion in the next 18 months. As a matter of fact, the (industrial and warehousing) sector is poised to witness a period of high growth over the next few years driven by the introduction of a common goods and services. The company is looking at the top 8-9 cities where it is already investing in real estate projects and most of the new logistics facilities are coming up in and around these cities.