Bahrain-based Khaleeji Commercial Bank has launched the Global Logistix Navi Mumbai Investment, a $430 million (€273 million) vehicle that will invest in a new logistics project outside Mumbai.
The project is a logistics focused real estate development comprised of an integrated logistics park on 400 acres of land in Navi Mumbai (or “New Mumbai”), a new town located to the South of Mumbai across the bay. The initial development projects supported by this investment fund will include the construction of warehouses, control building, maintenance depot, staff accommodation, parking areas, and various other amenities. The firm says the concept is being driven by the need for a large scale, organized, all inclusive logistics park in Navi Mumbai and its surrounding areas.
“The project is aimed at providing all logistical services in one fully integrated park,” said Khaleeji CEO Ebrahim H. Ebrahim. “The Bank can foresee Mumbai’s need for a large scale logistics park, as it is the largest market for retail in India, having approximately 20 percent of the country’s total retail opportunities within its borders.”
In May, Khaleeji announced its first investment drive in India, raising $163.5 million for a real estate fund investing in a middle-income residential development project near New Delhi.
Investors from both funds come from the GCC states. Previously the bank has focused on the gulf region and North Africa.