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Gurgaon-based industrial and logistics real estate developer Pragati Group has raised $200 million (about ₹1,600 crore) in equity from a Singapore-based private equity fund.
With this fund infusion, existing financial partner Morgan Stanley has been provided an exit, the company said, without disclosing the name of the private equity firm.
“We want to be one of the top five industrial and logistics real estate developers in the country by developing a portfolio of 30 million sq ft across key tier-1 and tier-2 Indian cities,” said Jitender Yadav, founder, Pragati Group.
Part of the deal involved the acquisition of two operational assets of about 2 million sq ft in the NCR – Pragati One and Pragati Farukhnagar Logistics Parks.
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