In order to create a Rs 49.64 billion joint venture to buy income-producing core industrial and logistics assets in India, Singapore's sovereign wealth fund GIC and Asia-Pacific focused real estate services and investment company ESR Group have partnered strategically. In the joint venture, the sovereign fund will hold 80% of the equity while the Hong Kong Stock Exchange-listed ESR will hold 20%. The current alliance between the two in India, which was started in 2020, is expanded through this joint venture. The new joint venture will invest in stabilised operational assets in key locations throughout India's Tier 1 and Tier 2 cities and will provide focused capital dedicated to enabling inorganic growth of the platform. Also read: Warehousing demand to hit all-time high by year-end: experts Adani Group plans to build six more MMLPs over the next two years