Macrotech buys out Bain Capital stake in 3 digital infra entities for Rs 307 cr

Macrotech MD and CEO Abhishek Lodha has indicated the company's plans to expand in the industrial parks and logistics business, including data centres, to generate more annuity income

Real estate developer Macrotech Developers Ltd announced that it has purchased the entire stake held by private equity major Bain Capital in three of the company's digital infrastructure subsidiaries for a total consideration of Rs 307 crore. The buying out of Bain Capital is part of the company's longer-term strategy of increasing annuity income to Rs 1,500 crore per year, under its Lodha Industrial and Logistics Park brand.

According to an exchange filing, the three entities are Bellissimo Digital Infrastructure Development Management Pvt Ltd, Palava Induslogic 4 Pvt Ltd, and Bellissimo In City FC Mumbai 1 Pvt Ltd. Bain Capital, through its entities, owned a 30 percent stake in Bellissimo Digital Infrastructure and 33.33 percent each in the latter two entities.

In October, Macrotech, which markets itself under the Lodha brand, acquired the stake in all three entities held by the Canadian real estate firm Ivanhoe's India subsidiary.

During the company's recent post-earnings call, Macrotech Developers Managing Director and Chief Executive Officer Abhishek Lodha said that the company is planning to increase revenue streams beyond its core residential business, starting with its integrated development at Palava, on the outskirts of Mumbai. In October, Macrotech concluded a deal with Amazon Web Services to sell around 40 acres of land for around Rs 12 crore per acre, with AWS planning to set up a data center on the acquired land.

The company added that it is in talks with other data hyperscalers to sell more land at Palava, for around Rs 20 crore per acre, further noting data centers to be a source of rental income streams over the next few years.