IndoSpace appoints Stellar Value Chain founder Anshuman Singh as MD and CEO
Bengaluru: Everstone Group-backed IndoSpace, India's largest warehousing developer, has appointed Anshuman Singh, founder of Stellar Value Chain Solutions, as its managing director and chief executive, said two people familiar with the development.
Rajesh Jaggi, who played a key role in building the IndoSpace business and managing it, will continue as vice-chairman (real estate) at the Singapore-based private equity firm.
IndoSpace, founded in 2007, is a joint venture between private equity firm Everstone Group and industrial real estate company Realterm.
In 2023, global logistics provider CEVA Logistics acquired Stellar Value Chain, a third-party logistics firm Singh founded in 2016. Before that, he had co-founded Future Supply Chain Solutions Ltd.
'Anshuman Singh, with his extensive experience in the logistics space, has joined IndoSpace to steer the future growth of the company, in terms of development of assets and leasing, and acquisitions in an opportunistic manner. The company is also planning value-added services for its clients as a new offering,' said the first of the two people cited earlier, both of whom requested not to be named.
An IndoSpace spokesperson didn't respond to queries.
IndoSpace is the largest developer and operator of Grade A industrial and logistics real estate with a pan-India network of over fifty logistics parks, spanning 60 million sq. ft across 11 cities.
The warehousing and logistics sector in the country has seen sustained interest from global investors who are looking to buy good-quality warehousing assets or entire portfolios from developers and operators.
'With a mature, institutionally-backed asset portfolio, IndoSpace is looking to monetize it. It has been exploring the possibility of an infrastructure investment trust (InvIT) or an initial public offering (IPO) in the medium term,' said the second person.
Last year, IndoSpace sold 2.5 million sq. ft of warehousing space to Alta Capital for around $100 million. The warehousing assets were located at Pune and Sri City, Andhra Pradesh.
Market leader IndoSpace competes with Blackstone-owned Horizon Industrial Parks, Ascendas Firstspace, ESR India among others in an asset class which has witnessed growing demand for modern warehousing and industrial facilities, and a solid appetite among institutional investors for ready and good-quality industrial assets.
'IndoSpace not only had the first-mover advantage, but it set the tone for warehousing development in India, and built with global standards from the start. In recent years, the market has become competitive with an increasing number of players of global repute,' said Chandranath Dey, India head – operations, business development, industrial consulting & integrated logistics, India, JLL, a property advisory.
This year, IndoSpace inked a long-term lease of over 700,000 sq. ft with RenewSys India for warehousing space in Khalapur near Mumbai. It also leased 127,000 sq. ft in Pune to Steelcase Asia Pacific Holdings.
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