TVS IL&P InvIT

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IFC has invested (i) INR 3,480 million (equivalent to ~US$40.7 million) of equity by way of subscription to units issued by TVS Infrastructure Trust (“TVS InvIT”/”InvIT”), representing a stake of 17.65 percent. The InvIT has been set up under the Securities and Exchange Board of India (“SEBI”) Infrastructure Investment Trusts Regulations, 2014 (“SEBI InvIT Regulations”) by TVS Industrial & Logistics Parks Private Limited (“TVS ILP” or the “Sponsor”). The InvIT’s business model is to own and operate warehouses where construction is complete and customer contracts have been secured, thereby avoiding greenfield construction risk and initial capacity utilization risk. Initially, the InvIT will own and operate an operational asset portfolio of 10.6 million sq.ft. spread across 14 locations and 18 assets in key Tier II micro-markets in India. Subsequently, the InvIT will acquire additional warehousing assets in future for expansion.As part of this financing, the InvIT will work with IFC towards (a) reducing the energy and water consumption at its operations by upgrading the EDGE certification standards for its existing portfolio wherever technically feasible; (b) install solar panels on roof top spaces in their warehouse assets; and (c) complete a Green House Gas emission baselining process and identify additional measures to reduce its carbon footprint.