TVS ILP's bold vision turns to reality
On 8 July 2025, TVS Industrial & Logistics Parks privately listed TVS Infrastructure Trust (its InvIT) on the National Stock Exchange, creating India’s largest warehousing InvIT by asset base and institutional participation. The listing, valued at nearly Rs3,000 crore, marks the evolution of TVS ILP from a warehousing services player to an institutional-grade infrastructure platform.
What began as a bold vision has today positioned TVS ILP as India’s first corporate developer. Over 20 years, TVS ILP has grown into a powerhouse in the logistics infrastructure space, with a portfolio of 20 million sq ft, of which 11 million sq ft operational Grade A industrial and logistics assets were seeded into the InvIT. These assets are strategically located across major consumption hubs, such as Chennai, Pune, Kolkata and Kochi, collectively covering over 65 per cent of India’s consumption market.
The InvIT raised over Rs1,300 crore from marquee investors, including International Finance Corporation (IFC), which invested Rs348 crore – its first-ever equity investment in a warehousing InvIT in India. Other strategic domestic and global institutional investors, which participated include Larsen & Toubro (L&T), signalling strong confidence in the sector.
Why it matters
The warehousing sector in India, traditionally seen as a fragmented and unorganised real estate player, is now being institutionalised through structures like InvITs. For TVS ILP, this means creating a transparent, governance-driven and yield-generating platform that attracts long-term global capital, while enabling faster scaling of infrastructure.
“As a company, we believed in being a market leader on our own terms and that belief, once internalised, is unstoppable, because what holds companies back isn’t always money or technology only, it is self-doubt,” says Ravi Swaminathan, founder & VC, TVS ILP. “It is the lingering feeling that greatness belongs elsewhere. When that flip happens – when a company starts believing it is a source of innovation, it deserves to lead and its values, culture and models are transformative and, therefore, permanent. It is like switching operating systems from reactive to proactive. TVS ILP has gone through that shift. Quietly, no slogans, no drama, just evolution – and the world is noticing. That is how international investors now see the company as a creator. Our journey has been built on strong fundamentals, execution discipline and an unwavering focus on quality. We are excited to now offer a platform that brings global capital into India’s logistics backbone.”
TVS ILP’s InvIT is large, but not just by size – it is also structured for income stability and diversification. With over 30 marquee tenants across sectors like e-commerce, FMCG, pharmaceuticals, automotive and electronics, the platform ensures that no single client contributes more than 10 per cent of revenues. The top 10 tenants account for less than 50 per cent of rental income, reducing concentration risk.
For TVS ILP, the listing opens doors for future capital raises, sustainable warehousing solutions and technological innovations in logistics. Backed by institutional investors and powered by a robust governance framework, the InvIT is positioned to accelerate India’s supply chain modernisation.
TVS ILP’s InvIT highlights the institutionalisation of India’s warehousing sector – a critical backbone for e-commerce, manufacturing and global trade. With InvITs emerging as preferred vehicles for infrastructure investment, India’s logistics sector is set for a wave of capital inflows, sustainability adoption, and operational excellence.