In line with the company’s objective of gradually increasing its annuity revenues, the developer has executed securities purchase agreements with Ivanhoe Warehousing India Inc. for the acquisition of its stake in the Digital infrastructure Platform entities.
These entities include Bellissimo Digital Infrastructure Development Management, Palava Induslogic 4 and Bellissimo In City FC Mumbai 1, subject to the fulfillment of certain closing conditions, the developer said in a regulatory filing.
The company’s interest post this acquisition in Bellissimo Digital Infrastructure Development Management, Palava Induslogic 4 and Bellissimo In City FC Mumbai 1 would increase to 70%, 66.67% and 66.67% respectively.
Of these, Bellissimo Digital Infrastructure Development Management is mainly 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.
This entity, incorporated in February 2022, is a joint venture between the developer, Ivanhoe and DSS Opportunities Investment 1, with 60% held by the developer, 10% by Ivanhoe and the remaining 30% by DSS Opportunities Investment 1. Post-acquisition, Macrotech’s equity stake in the company will increase to 70%. The acquisition of 10% equity stake for Rs 14.77 crore is in furtherance of the company’s planned strategy for calibrated growth in Digital Infrastructure, namely, Industrial and Logistics.
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