The International Finance Corporation (IFC) announced on Monday that it is investing equity capital amounting to 225 crore rupees (equivalent to approximately 23 million US dollars) in NDR Smart Spaces.
These funds will be directed to support NDR Smart Spaces in creating an A-class warehouse infrastructure portfolio of about 20 million square feet across 14 cities, with approximately 8 million square feet already under construction.
NDR Smart Spaces Pvt Ltd is a newly established platform of the NDR group, which sponsors the NDR InvIT Trust. Its mission is to develop A-class warehousing and logistics infrastructure in several states, including Maharashtra, Tamil Nadu, and Uttar Pradesh.
The portfolio will include both dry warehouses and cold storage facilities. Special attention is given to second and third-tier cities, which are traditionally underserved by modern logistics infrastructure, as well as areas experiencing a shortage of quality formal employment in the organized sector.
Statements from Representatives
Shalabdh Tandon, IFC's Regional Head of Operations and Climate and Interim Director of the South Asia Regional Office, noted that IFC's investment in NDR Smart Spaces will help create A-class warehouses in second and third-tier cities, attracting manufacturers who generate formal employment in communities where it was previously absent, and helping connect farmers to markets, thereby reducing losses that deprive them of their livelihoods.
He also emphasized that the partnership aligns with the World Bank Group's goals, which prioritize private sector-led job creation in India, and that modern logistics infrastructure is critical to fulfilling this commitment.
According to the company, the partnership is expected to generate around 1200 direct jobs for every million square feet of developed warehouses. Across the entire 20 million square foot portfolio of NDR Smart Spaces, this translates to approximately 24,000 direct employment opportunities in logistics, operations, maintenance, and management, including roles for women.
Furthermore, this project will add 1.5 million square feet of cold storage capacity, which will directly help reduce post-harvest losses, support farmers' incomes, and improve consumer access to food.
Amrutesh Reddy, Director of NDR Smart Spaces, stated that the IFC investment marks a significant milestone in the development of NDR Smart Spaces. He added that as India continues to invest in world-class infrastructure, this collaboration strengthens the company's ability to develop high-quality assets in logistics and social infrastructure on a large scale. The company expects to leverage this partnership to accelerate growth and create long-term value for all stakeholders.
