Blackstone Group is approaching a deal for an enormous portfolio of industrial property and development sites in India. The deal is to pay $720 million.
The group wants to buy 3.5 million square feet of an existing warehouse. That is capable to build a further 18 million square feet of space on top of that. Warburg Pincus LLC and Embassy Group own the portfolio.
Moreover, the purchase of Blackstone’s existing 18 million square feet of industrial property in India may get double. Indian consumers do not shop online to the same extent as the other major economies. Though, e-tailers have expanded work in the country over the past many years. Because of the government’s decision to re-build the 2007 tax Indians speeded up growing fast.
The coronavirus pandemic has also fueled up online purchasing. When compared online shopping account in India is 4%, in the U.S. it’s 245, and in China it is 24%