RMZ Corp explained

RMZ Corporation
Type:Private
Foundation:2002
Location:Bengaluru
Key People:Arjun Menda (Group Chairman)
Raj Menda (Chairman)
Manoj Menda (Chairman)
Industry:Real estate
Founder:Arjun Menda
Raj Menda
Manoj Menda
Area Served:India
Products:Commercial offices, Industrial Parks, Software Technology Parks, Special Economic Zones (SEZs)
Num Employees:500+
Assets:US$15 Billion (2022)

RMZ Corp is an Indian real estate company headquartered in Bengaluru, Karnataka,India.[1] The company has developed projects in multiple cities in India, including Bengaluru, Chennai, Hyderabad, Delhi NCR, Pune, and Mumbai[1] The company has a portfolio of real assets spanning a total of 70 million square feet.[1] [2]

History

RMZ Corp was founded in 2002 by Arjun Menda and his sons, Raj and Manoj Menda. Arjun Menda, an alumnus of IIT Kharagpur, had prior experience with companies like Mahindra & Mahindra and Gabriel India. He ventured into the real estate sector in 1980. Raj and Manoj Menda were associated with the K Raheja Group, managing operations in the southern region during the late 1990s. RMZ Corp executed its first project in Bangalore in 2002.[1] [3]

In 2012, RMZ Corp expanded its presence in the residential real estate sector and introduced projects such as Latitude, Saawan, and Galleria. In February 2012, it received a $100 million investment from private equity firm Baring Private Equity Partners (BPEP).[4] Qatar Investment Authority (QIA) invested $300 million in RMZ Corp in 2013, acquiring a stake of 21%. In December 2015, the company acquired 0.8 million sq ft in Gurgaon from the real estate company BPTP for approximately $150 million.[5] [6] [7]

In 2016, the company ventured into the co-working space business with the launch of CoWrks, which operates in Mumbai, Bangalore, Chennai, Gurgaon, Hyderabad, Delhi, and other locations.[8] [9]

In 2018, RMZ Corp acquired Essar Group's Equinox Business Park, a 1.25 million sq. ft office space in Mumbai's Bandra-Kurla Complex for around ₹2,400 crore.[10] In the same year, the company repurchased shares from Qatar Investment Authority in a deal worth nearly $1 billion.[11] [12] In 2019, RMZ Corp and DB Realty jointly acquired the Kamal Amrohi's film studio Kamalistan, located in Mumbai.[13]

In January 2020, RMZ Corp formed a US$1 billion joint venture with a Japanese real estate company Mitsui Fudosan to develop commercial projects throughout India.[14] In August 2020, the company sold 18 percent of its commercial real estate and co-working business to Brookfield for $2 billion, making it India's largest realty deal. The transaction included 12.5 million sq ft of assets.[15] [16]

In April 2021, Canada Pension Plan Investment Board invested around $210 million in a joint venture with RMZ Corp to develop and hold commercial office space in Chennai and Hyderabad.[17] Later in March 2022, their second joint venture with the Canada Pension Plan Investment Board (CPPIB) was announced, in which CPPIB invested $355 million (around 2,650 crore) for the development of commercial projects in India.[18] RMZ Corp serves over 250 enterprise customers,[1] including Boeing, Google, Deloitte, SAP, Shell, Honeywell and KPMG.[19] [20] [21]

Waste Management

RMZ Corp is partnered with the social enterprise Saahas Zero Waste to manage its waste. The company composts approximately 60% of its total waste, which comprises wet waste and transforms the remaining dry waste into paper, bags, and other products through recycling. Their tech park, RMZ Ecoworld and RMZ Infinity have reduced mixed waste from 50% to around 15%, as of June 2017.[22]

In 2020, RMZ Corp joined Well Living Lab Alliance, a global consortium of organizations.[23] In December 2022, it became a signatory member of the First Movers Coalition (FMC), an initiative by the World Economic Forum and the US government, promoting zero-carbon technologies and sustainability in carbon-intensive industries through low-carbon technology commitments.[24]

CSR

RMZ Foundation is a CSR arm of the company, founded in 2015, led by Anu Menda as the managing trustee. The foundation operates with a focus on art, resilient communities, and urban innovation, aiming to promote the well-being of individuals on a global scale.[25] The organization promotes art and has installed numerous artworks at RMZ Ecoworld, showcasing a permanent collection of sculptures by contemporary artists such as Subodh Gupta, Ravinder G Reddy, Dhruva Mistry, Paresh Maity, Arunkumar H G, and Jayasri Burman.[26] It provides a platform for interactive workshops, exhibitions, and collaborations, supporting both established and emerging artists in showcasing their work to a targeted audience.[27] [28]

In 2019, RMZ Foundation established the Sustainable Health Initiative, a business accelerator supporting healthcare startups to address health and social disparities, providing selected companies with $70,000 in seed capital and mentorship.[29] [30]

Awards and recognition

Notes and References

  1. News: Gupta . Arbind . RMZ: Building spaces of future . . June 25, 2022.
  2. Web site: Bureau . Online . RMZ Corporation plans to double its real estate business to $40 billion by 2029 . ETRealty.com . 2023-11-22 . 2023-12-01.
  3. News: Mohapatra . Debasis . Here's why Menda brothers' RMZ Corp is set to enter its next growth phase . . November 26, 2018.
  4. News: Kurian . Boby . Phadnis . Shilpa . Baring, RMZ set to seal 500cr Bangalore IT park deal . . February 2, 2012.
  5. News: Das . Avik . RMZ buys Gurgaon IT park for $150 million from BPTP . . September 29, 2015.
  6. Web site: Kumar . V. Rishi . RMZ Corp in rapid expansion mode; scouts for acquisitions . The Hindu Business Line. 13 October 2017 . en.
  7. News: Khan . Sobia . RMZ Corp eyeing assets across cities to expand portfolio . . 5 February 2019.
  8. News: Kulkarni . Narayan . CoWrks to expand operations . . October 23, 2016.
  9. News: Kamath . Raghavendra . Brookfield in talks to buy RMZ's co-working solution provider CoWrks . . August 27, 2020.
  10. News: Sapan . Bidya . RMZ Corp. buys Essar’s Equinox Business Park for Rs2,400 crore . . February 3, 2016.
  11. News: Khan . Sobia . Office space firm RMZ raising Rs 2,060 crore from Qatar fund . . 4 July 2018.
  12. Web site: Giriprakash . N. Ramakrishnan & K. . RMZ Group to buy out Baring PE, Qatar Investment Authority combined stake . The Hindu Business Line. 15 April 2018 . en.
  13. News: Kurian . Boby . The end: Kamal Amrohi's six-decades-old studio to be converted into Rs 21,000 cr office park . . June 10, 2019.
  14. News: January 30, 2020 . Press Trust of India . RMZ Corp forms joint venture with Japanese firm for commercial projects . Hindustan Times.
  15. News: Ramnani . Vandana . India’s biggest-ever property deal: Bengaluru-headquartered RMZ Corp sells assets worth $2 billion to Brookfield . . October 20, 2020.
  16. News: Dhamija . Anshul . Big real estate deal shows office isn't going away . . October 20, 2020.
  17. News: Das . Avik . Canada Pension to invest $210 million with RMZ to develop office parks . . April 21, 2021.
  18. News: Suvarna . Anuj . Canada’s CPPIB To Invest $350 Mn In JV With Bengaluru Realty Firm RMZ Corp . . March 3, 2022.
  19. News: Shah . Barkha . RMZ Corp eyes 2 more commercial realty projects in Hyderabad . . February 6, 2013.
  20. News: Dhamija . Anshul . RMZ signs mega office deals in Bangalore . . May 9, 2014.
  21. News: Babar . Kailash . Khan . Sobia . Boeing India arm picks up office space in Bengaluru . . April 15, 2019.
  22. News: Basu . Ispita . Tech companies, MNCs strive to recycle the waste they generate . . June 6, 2017.
  23. News: Writer . Staff . November 27, 2020 . RMZ Corp joins Well Living Lab Alliance . Architect and Interiors.
  24. News: Writer . Staff . December 16, 2022 . RMZ Corp becomes signatory member of global decarbonization program ‘First Movers Coalition’ at COP27 . Construction Week.
  25. News: Meyer . Denise . February 24, 2019 . New initiative will fund innovative solutions in health care . Yale School of Medicine . Yale University.
  26. News: Kappan . Rasheed . A new tech space designed for art . . July 6, 2017.
  27. News: Govind . Ranjani . The art of beautifying public spaces . . July 21, 2017.
  28. News: Urban Works Challenge open . . September 24, 2018.
  29. News: Yale-India business accelerator to promote innovative health solutions . . July 9, 2019.
  30. News: Writer . Staff . June 8, 2019 . A sustainable health initiative launched . Healthcare Radius.
  31. Web site: Bureau . Our . RMZ Corp bags excellence award . The Hindu Business Line. 19 January 2018 . en.
  32. Web site: Grohe Hurun Real Estate Leadership Summit 2018 . Press Trust of India.
  33. Web site: Thomas . Liffy . Does your organisation have a 'preparedness' philosophy? . . en-IN . 27 June 2019.
  34. Web site: 2020 Winners . ULI Asia Pacific . en.
  35. Web site: Change maker brands, who received the Mahatma Award . Mahatma Awards . July 3, 2023.
  36. News: Manoj Menda Receives Lifetime Achievement Award for Real Estate Contributions . . . April 19, 2022.