Lodha buys out Bain Capital’s stake in digital infrastructure assets

Macrotech Developers has acquired Bain Capital’s stake in three joint digital infrastructure platform entities for Rs 307 crore, the company said, as part of its strategy to increase its control on its industrial and logistics assets.

The three entities in which it has acquired stakes are Bellissimo Digital Infrastructure Development Management, Palava Induslogic 4, and Bellissimo In City FC Mumbai 1.

The Lodha group has agreed to buy 30 per cent equity stake in Bellissimo Digital Infrastructure Development Management for ₹22 crore to be completed within 30 days, a 33.33 per cent equity stake in Palava Induslogic 4 for ₹189.88 crore, and a 33.33 per cent stake in Bellissimo In City FC Mumbai 1 for ₹95.12 crore.

In 2022 Lodha had tied up with Bain Capital and Ivanhoe Cambridge to form a $1 billion platform to develop and set up 30 million square feet of operating assets consisting of logistics, industrial parks and in-city fulfilment centres.

Sharp rise in land costs hindered the project and earlier this year Ivanhoe Cambridge sold its stake in the venture to Lodha.

The real estate developer said the acquisition of stake from the partners reinforced the company’s dedication to enhance annuity income streams in the digital infrastructure sector.