Everstone, GLP to invest $500m in India logistics

Everstone and GLP will invest in strategies and technologies to enhance logistics efficiency, such as robotics and automation in warehouses, and smart delivery trucks. The partnership will leverage GLP’s expertise in developing modern logistics ecosystems and Everstone’s networks through its private equity, infrastructure, and real estate portfolio.

“We see significant room to further integrate the use of technology in India’s logistics industry,” said Ming Mei, co-founder and CEO of GLP, in a statement. “We look forward to working closely with Everstone to establish a smart ecosystem that harnesses technology to accelerate growth, create value and drive returns for all stakeholders in India.”

The deal builds on GLP’s existing relationship with Everstone, which began with an investment earlier this year in IndoSpace Core, a joint venture between Everstone’s industrial and logistics subsidiary IndoSpace and Canada Pension Plan Investment Board (CPPIB).

That transaction represented GLP’s first investment in India, following the establishment of several logistics-focused investment funds in China both alone and in partnership with the likes of Singapore’s GIC Private. China is the company’s largest market, with 30 million square meters of modern logistics facilities occupied by the likes of Best Inc, LF Logistics, BMW, and JD.com.

Founded in 2002 by former executives from Prologis’ China business, GLP was acquired last year by a consortium including Hillhouse Capital and Hopu Investment at a valuation of S$15.9 billion ($11.5 billion). It has $60 billion in assets under management worldwide across its real estate and private equity investment strategies.

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• Topics
• South Asia
• Infrastructure
• Growth
• India
• Everstone Capital
• GLP
• Logistics