TVS Infrastructure Trust is India’s first corporate developer-led warehousing InvIT - a listed trust that owns and operates a network of modern industrial parks, earning steady rental income from the buildings that power the country’s supply chains. It was built on two decades of experience from its sponsor, TVS Industrial & Logistics Parks, which pioneered organised warehousing in India in 2005, and the Trust itself was registered with SEBI in April 2024 before listing on the National Stock Exchange in July 2025. The recurring approach is simple: buy land in fast-growing Tier II and Tier III cities before competitors arrive, build Grade A sheds that tenants find hard to leave, and lock in long leases with built-in rent increases - then pass nearly all the cash to unitholders.
Business segments
A single business - owning and leasing Grade A industrial and logistics parks - run through one portfolio of 18 parks that serves over 35 tenants across five states.
1. Industrial and logistics parks: a landlord to India’s supply chains
The Trust owns 106 Lakh square feet of leasable warehouse and factory space across 18 parks, collects rent from tenants who sign long leases with automatic annual increases, and distributes at least 90% of its net cash to unitholders - a pure rental-income engine.
- First mover in smaller cities - the Trust entered markets like Madurai, Sullurpet, Siliguri and Vijayawada before institutional rivals, so it secured land and tenants in locations where warehousing demand is expected to grow 14-18% annually over the next four to five years.
- Built-to-suit anchors, multi-tenant diversifies - some buildings are custom-built for a single tenant on long contracts, which creates income stability and keeps tenants tied down, while others house multiple occupiers, spreading risk and making it easier to re-lease space when someone leaves.
- Industrial tenants are sticky - roughly 41% of revenue comes from specialised industrial facilities where moving out means relocating heavy machinery and disrupting operations, so these tenants stay for over nine years on average.
- Rent grows even without new buildings - every lease includes contractual escalation clauses, security deposits and lock-in periods, meaning rental income rises year after year without the Trust having to acquire or build anything new.
- Tenants take more than one shed - about 23% of clients lease space across two or more parks in the portfolio, which deepens the relationship and makes it harder for a competitor to win the business away.
Group structure and partners
A three-tier governance setup separates asset development, fund management and unitholder protection, while the sponsor retains a 35% stake and blue-chip lenders provide long-term fixed-rate debt.
- Sponsor runs the ground game - TVS Industrial & Logistics Parks, the sponsor and project manager, has been developing warehousing since 2005 and handles construction and operations for the Trust’s assets.
- Investment manager minds the money - TVS Infrastructure Investment Manager, with a board that is 56% independent, oversees portfolio performance, financial management and regulatory compliance.
- Trustee guards the unitholders - Axis Trustee Services, a wholly owned subsidiary of Axis Bank Limited and registered under the SEBI (Debenture Trustees) Regulations, 1993, acts as the independent trustee to ensure the Trust follows the rules.
- Ten SPVs hold the parks - the Trust owns 100% of ten special-purpose vehicles, each holding one or more parks, so the assets are ring-fenced and the structure is clean for lenders and investors.
- Debt is long and mostly fixed - the Trust raised ₹830 Crores through 20-year bonds maturing in 2046, rated AAA and anchored by NaBFID, with 7.42% fixed-rate debt representing ~80% of gross debt, protecting cash flows from rate swings.