NDRWPL Equity (IFC-50689)

Regions
  • South Asia
Geographic location where the impacts of the investment may be experienced.
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
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
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 2, 2026
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
NDR Warehousing Private Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 50.00 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.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Feb 5, 2026

Disclosed by Bank Jan 5, 2026

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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.

The proposed IFC investment in NDR Warehousing Private Limited (NDRWPL or Company) is by means of subscription to the Compulsory Convertible Debentures (CCDs) issued by the Company of up to US$ 25 million (INR equivalent) and debt investment of up to US$ 25 million (INR equivalent). The proceeds will be used by the Company to acquire and develop green warehouses in India.

NDRWPL is one of the leading warehousing developers in India having developed and leased approx. 20 Mn sq. ft as of June 2025. NDRWPL is also the sponsor of NDR InvIT Trust (a listed regulated AAA rated entity) that has a right of first offer with the Company (“ROFO”) to purchase completed leased warehouse assets.

The warehouses associated with project will be located across India across key consumption centres including Mumbai, Pune, Ahmedabad, Surat, Kolkata, Lucknow, Kanpur, Ghaziabad, Hosur, Coimbatore, Kochi, Bengaluru, Chennai and Hyderabad.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

IFC’s investment of up to US$50 million (INR equivalent) will be used for equity and debt contribution towards construction of warehouses, purchase of under development warehouses, land for construction of warehouses and working capital and general corporate purposes in accordance with Applicable Laws.

Private Actor Relationship
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.

NDRWPL is closely held Mr. N Amrutesh Reddy (97%) and Mrs. N Srithi Reddy (3%). Mr. Reddy has over 24 years of experience in end-to-end supply chain logistics, particularly in warehousing. He has been with the NDR Group since 1998 and has been associated with Continental Warehousing Corporation (CWC) since 2009. He has been on the board of directors of the Company since 1998.

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.

NDRWPL (https://www.ndrwarehousing.com), established in 1986, is the second-largest warehouse developer in India by volume. The Company has developed approximately 19 million sq.ft of warehousing space & maintains a pipeline of an additional 25 million sq.ft across multiple states in India.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - NDR Warehousing Private Limited 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.

NDR Warehousing Private Limited
Raj Srinivasan / Sandeep Jain
CEO / CFO
+91 22 26101040
sandeep@ndrwarehousing.com
Old No. 56, New No. 79, Bazullah Road, T. Nagar, Chennai, Tamil Nadu 600017, India
www.ndrwarehousing.com

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

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

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How it works