Global private equity firm Xander Group will invest $600 million (Rs. 3,300 crore) to set-up a pan-India portfolio of retail, lifestyle and community centres.
Virtuous Retail, which is sponsored by the Xander Group, will develop these projects in cities that include Bengaluru, Mumbai, Pune and Kolkata. Its Surat project is already operational.
"We have a network of at least eight centres under various stages of development," said Anupam Yog, marketing director, Virtuous Retail. "Mall development in India is mostly developer led with less focus on the institutional approach. Our positioning focuses on the latter much to the retailers' benefit."
Projects under Virtuous Retail will be a direct competition to Ruias Phoenix, and the The Inorbit mall.
Xander invests primarily in companies that operate in the infrastructure, hospitality, entertainment, retail and real estate sectors.