IndoSpace Fund III (IFC-40509)

Countries
  • India
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Mar 20, 2018
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Indospace Logistics Parks III L.P.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 25.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 9, 2019

Disclosed by Bank Feb 15, 2018

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

IFC proposes an equity commitment of up to US$25 million, not to exceed 20% of total commitments, in IndoSpace Logistics Parks III, L.P. (the “Fund”), a Singapore limited partnership. The Fund is raising US$500 million to make control investments with majority stakes primarily to develop industrial and warehousing parks across locations in India.


People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

Supply of high quality industrial and warehousing property assets in India's core industrial areas is very limited with demand far exceeding supply and resulting in lost opportunities for industrial growth and job creation. The Project will bring in a significant new supply of industrial and warehousing infrastructure for rent in locations across the country, including low income states in India. The modern high quality industrial and warehousing parks developed by the Project will reduce operating costs and improve efficiency in the entire supply chains of manufacturing companies and logistics operators, which will trickle down to lower cost of goods and services. It will also enhance ease of doing business in India, thereby attracting valuable foreign investment and anchoring manufacturing growth.

The Project will foster the creation of direct jobs during both the construction and operation of properties. The project will also support a significant number of indirect jobs through the supply chain.

The Project assets, once developed, will constitute an attractive pool of matured, institutional-quality property assets that are expected to be aggregated into a portfolio. This portfolio of matured assets as it evolved will become a significant private or public REIT-platform, thus contributing to debottlenecking the evolution of this still embryonic property-based financial market in India.

Lastly, the warehouses under the Project are expected to be certified IFC EDGE compliant with potentially at least 20 percent savings in energy, water and materials consumption compared with benchmarks for equivalent buildings.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

IndoSpace Logistics Parks III, L.P. is a Singapore limited partnership. 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Indospace Logistics Parks Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

IndoSpace Capital Asia Pte. Limited, Singapore Manager of IndoSpace Logistics Parks III, L.P. 
Brian Oravec 
Email Address: brian.oravec@indospace.in 
Office Address: 163 Penang Road, #08-01 Winsland House II, Singapore 

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

How it works

How it works