Macrotech acquires additional stake in digital infrastructure platform entities for Rs 240 crore

Macrotech Developers said that it has executed securities purchase agreements with Ivanhoe Warehousing India Inc. for acquisition of their interest in the digital infrastructure platform entities in Maharashtra for Rs 239.56 crore.

The digital infrastructure platform entities are Bellissimo Digital Infrastructure Development Management, Palava Induslogic 4 and Bellissimo In City FC Mumbai 1.

Bellissimo Digital Infrastructure Development Management is primarily engaged in the business of providing development management services, asset management services, property acquisition and management services, lease management services and other services to various platform entities. The companys turnover and networth for as on 31 March 2024 was Rs 55.53 crore and Rs (9.58) crore, respectively.

Macrotech will acquire 10% equity stake and other securities of Bellissimo Digital held by Ivanhoe for Rs 14.77 crore. Post the acquisition, the companys equity stake in Bellissimo Digital will increase from 60% to 70%.

Palava Induslogic 4 is engaged in the business of construction and leasing of warehouses and development of industrial parks. The companys networth for as on 31 March 2024 was Rs 248.02 crore.

The real estate developer will acquire 33.33% equity stake and other securities of Palava Induslogic for Rs 142.52 crore from Ivanhoe, subject to certain adjustments. Post acquisition, the companys equity stake in the said entity will increase from 33.34% to 66.67%.

Bellissimo In City FC Mumbai 1 is engaged in the business of construction and leasing of warehouses and development of industrial parks. The companys networth for as on 31 March 2024 was Rs 153.83 crore.

The company will acquire 33.33% equity stake and other securities of the aforementioned entity held by Ivanhoe for Rs 82.27 crore. Post the acquisition, the companys equity stake in the said entity will increase from 33.34% to 66.67%.

Macrotech stated that these acquisitions are being done with the objective of gradually growing its annuity income.

Macrotech Developers (Lodha Group) is among the largest real estate developer in India that delivers with scale since 1980s. Core business of Lodha Group is residential real estate development with a focus on affordable and mid-income housing.

The scrip rose 0.33% to currently trade at Rs 1293.05 on the BSE.

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