TVS ILP lists warehousing InvIT on NSE, raises over ₹1,300 cr; IFC invests ₹348 cr

TVS Industrial & Logistics Parks (TVS ILP), a developer of Grade A warehousing and industrial infrastructure, successfully listed its Infrastructure Investment Trust (InvIT) — TVS Infrastructure Trust — on the National Stock Exchange (NSE) today, raising over ₹1,300 crore. Backed by marquee investors including the International Finance Corporation (IFC) and L&T, the InvIT issued units worth around ₹2,000 crore, comprising a fresh issue of ₹1,050 crore and an offer for sale of ₹250 crore by an existing unitholder. Of this, ₹1,300 crore worth of units were subscribed by global and domestic institutions.

IFC, a member of the World Bank Group, invested ₹348 crore ($41 million) as a cornerstone investor, its first equity investment in a warehousing InvIT in India. The listing marks a significant milestone for TVS ILP, coinciding with its 20th anniversary as it was incorporated on July 8, 2005, as a partnership between TVS Supply Chain Solutions (TVS SCS) and the Ravi Swaminathan Family.

"What began as a bold vision has today positioned TVS ILP as India’s first corporate developer in Grade A warehousing," said Ravi Swaminathan, founder and vice president, TVS ILP. "Being India’s first corporate developer-led InvIT in warehousing is a powerful testament to what long-term vision and strong execution can achieve. This platform will help us unlock value, attract global capital, and accelerate infrastructure development in India."

"India's warehousing sector is evolving rapidly, shifting to large-scale, sustainable logistics parks built to global standards," said Vikram Kumar, IFC’s Regional Industry Director, Asia and the Pacific. "Our investment supports energy-efficient warehousing and the InvIT structure, which can deepen India’s capital markets and attract long-term institutional capital."

R Dinesh, Chairman of TVS SCS, called the listing a defining moment for India’s warehouse infrastructure. "It will serve as a catalyst for innovation and capacity building across the sector, with TVS ILP continuing to set benchmarks in infrastructure development."

TVS ILP's InvIT has been seeded with 11 million sq. ft of warehousing and industrial assets valued at ₹3,000 crore, drawn from its 20 million sq. ft pan-India portfolio. The assets span key logistics hubs including Chennai, Pune, Kolkata, Hosur, Kochi, and the Northeast, covering over 65% of India’s consumption regions.

The InvIT has a well-diversified tenant base of over 30 marquee clients across e-commerce, automotive, FMCG, electronics, pharma, and manufacturing. Less than 50% of rental income comes from its top 10 tenants, ensuring income stability and risk diversification.

"Warehousing is central to India’s manufacturing, agribusiness, and logistics sectors," said Imad N. Fakhoury, IFC’s Regional Director for South Asia, adding that the investment will help bridge infrastructure gaps, especially in Tier-2 cities and under-served regions like eastern India.

An InvIT is like a mutual fund. But, instead of pooling money to buy stocks or bonds, it raises money to own and operate infra projects that generate income via rent, tolls, or usage fees.