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Agre Developers, IL&FS inks term sheet agreement

23 Jul 2011 Evaluate

Agre Developers (Agre) and Infrastructure Leasing & Financial Services (IL&FS) have signed a term sheet for an equal strategic partnership to engage in the business of development of infra-logistics parks through a joint venture (JV) in India.  In the first phase, it is proposed that approximately 10 million square feet of internationally benchmarked infrastructure will be created across the country at an outlay of approximately Rs 1,200 crore.

Further, the parties have also agreed that this arrangement shall be on an exclusive basis and that they shall not, directly or through their affiliates, engage in competitive businesses.

Recently, Agre Developers received board’s approval at its meeting held on May 26, 2011 to set up logistics parks and whole sale markets with a focus on the top eight cities in the country. The board took on record the plans of the company to strengthen its presence in real estate development and expand into infra logistics, wholesale markets in addition to strengthening its presence in retail infrastructure, mall management and project management.

Agre Developers provides comprehensive mall / property management services in India including positioning and mall advisory services. The company is engaged in setting up over two dozen shopping malls and consumption centres, all of which will be operational by this year.

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