PROJECT

Projects

Summary of Investment Information

Project Number

50689

Company Name

NDR Smart Spaces Private Limited

Date SPI Disclosed

Jan 5, 2026

Country

India

Region

South Asia

Projected Board Date

Mar 2, 2026

Environmental Category

B - Limited

Status

Pending Signing

Last Updated Date

Apr 24, 2026

Department

Regional Industry - MAS Asia & Pac

Industry

other

Previous Events

Approved : Apr 23, 2026

Sector

Commercial Property - Industrial [Project only]

Project Description

The proposed IFC investment in NDR Smart Spaces Private Limited (NDR Smart or Company) is by means of subscription to the Compulsory Convertible Debentures (CCDs) or Preference Shares issued by the Company of up to US$ 25 million (INR equivalent) and debt investment of up to US$ 25 million (INR equivalent). The proceeds will be used by the Company to acquire and develop green warehouses in India.

NDR Smart is a newly incorporated subsidiary of NDR Warehousing Private Limited (NDRWPL). Currently NDRWPL is undergoing a demerger process to transfer its warehouse development business to NDR Smart, for better governance, simplified administration and management. NDRWPL is one of the leading warehousing developers in India having developed and leased approx. 20 Mn sq. ft as of December 2025. NDRWPL is also the sponsor of NDR InvIT Trust (a listed regulated AAA rated entity) that has a right of first offer with the Company (“ROFO”) to purchase completed leased warehouse assets.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation