TVS ILP Lists India’s First Corporate Warehousing InvIT, Backed by IFC & L&T

TVS Industrial & Logistics Parks (TVS ILP), a pioneer in India’s Grade A warehousing and industrial infrastructure sector, marked a historic milestone with the successful listing of its Infrastructure Investment Trust (InvIT)—TVS Infrastructure Trust—on the National Stock Exchange (NSE). The move makes TVS ILP the first corporate developer in India to launch a warehousing-focused InvIT, signaling a new era in capital markets engagement for logistics infrastructure.

The listing comes as TVS ILP celebrates 20 years since its inception—a partnership forged between TVS Supply Chain Solutions (TVS SCS) and the Ravi Swaminathan family on July 8, 2005. Since then, the company has grown into a leader in developing institutional-grade logistics and industrial parks, setting new standards in quality, sustainability, and execution.

“This is a momentous day, not only because it marks the listing of our InvIT, but because it validates two decades of long-term vision, deep sectoral expertise, and strong execution,” said Ravi Swaminathan, Founder & Vice Chairman of TVS ILP. “Being India’s first corporate developer-led InvIT in warehousing reflects what can be achieved when bold ambition meets operational excellence.”

Strong Investor Backing and Oversubscribed Offering

The InvIT’s debut offering was a resounding success, with ₹2,000 crore worth of units issued, of which ₹1,300 crore were subscribed by prominent domestic and global institutional investors. The offering included:

• A fresh issue of ₹1,050 crore to fuel expansion and development

• An offer for sale of ₹250 crore by an existing unitholder

Among the standout investors is the International Finance Corporation (IFC), a member of the World Bank Group, which invested ₹348 crore (approximately $41 million) as the cornerstone investor. This marks IFC’s first-ever equity investment in a warehousing InvIT in India, underscoring its confidence in the platform’s potential and its alignment with global sustainability and development goals.

“India’s warehousing sector is transforming from fragmented sheds to sustainable logistics parks. Our partnership with TVS InvIT is a step toward that transformation,” said Vikram Kumar, IFC’s Regional Industry Director for Infrastructure and Natural Resources in Asia and the Pacific.

“This investment helps scale energy-efficient logistics solutions while deepening India’s capital markets and crowding in long-term institutional capital.”

Strategic Platform with Pan-India Reach

The TVS Infrastructure Trust is seeded with approximately 11 million sq. ft of high-grade warehousing and industrial assets valued at ₹3,000 crore. These assets are drawn from TVS ILP’s larger 20 million sq. ft platform, which spans more than 65% of India’s consumption zones. Key locations include:

• Chennai, Pune, Kolkata, Kochi, Hosur, and the Northeast

• Growing coverage in tier-2 cities and under-served regions—critical for regional growth

These strategic locations enable tenants to optimize supply chains and improve delivery efficiency in sectors like e-commerce, automotive, FMCG, electronics, pharmaceuticals, and manufacturing.

“Warehousing is central to India’s manufacturing and logistics ecosystems. IFC’s investment will help bridge infrastructure gaps and bring high-quality solutions to underserved regions like eastern India,” said Imad N. Fakhoury, IFC’s Regional Director for South Asia.

Robust Portfolio with Diversified Tenants

The InvIT’s asset pool offers a well-diversified tenant base of over 30 marquee clients, ensuring risk mitigation and stable rental income. Importantly:

• Less than 50% of rental income is derived from the top 10 tenants

• Clients span high-growth industries, enabling long-term leasing resilience

• The platform integrates sustainability and energy efficiency in design and operations

This diversity not only provides income stability but also enhances the InvIT’s attractiveness to long-term investors seeking inflation-hedged returns and capital appreciation.

“The listing of TVS Infrastructure Trust is a defining moment for India’s warehousing ecosystem,” said R. Dinesh, Chairman of TVS SCS. “It will accelerate innovation, capacity building, and integrated infrastructure for scalable supply chains.”

Redefining India’s Logistics Capital Markets

With the listing of TVS Infrastructure Trust, TVS ILP has taken a bold step toward reshaping how logistics infrastructure is funded and scaled in India. The InvIT structure enables the company to:

• Unlock asset value and improve capital efficiency

• Attract institutional and global capital at scale

• Deploy proceeds into expansion and development of new logistics parks

This model also offers a blueprint for other developers and infrastructure players looking to tap into India’s fast-evolving InvIT and REIT ecosystems.

“This partnership with TVS demonstrates how platform strategies like InvITs can scale private capital mobilization, drive inclusive development, and create jobs,” said IFC’s Fakhoury.

Looking Ahead

As India positions itself as a global logistics hub, the TVS ILP InvIT listing not only affirms investor confidence in the warehousing sector but also opens new avenues for sustainable, private capital-led infrastructure development. TVS ILP, as part of the TVS Mobility Group, is now poised to accelerate the buildout of India's next-generation supply chain infrastructure—one that’s efficient, green, and future-ready.