| Virtuous Retail | |
| Type: | Private company |
| Foundation: | 2007 |
| Industry: | Retail |
| Products: | Commercial offices Shopping malls Hotels Hospitality Retail |
Virtuous Retail South Asia (VRSA) is a joint venture between Singapore-based private equity firm Xander Group and Dutch institutional investor APG. The company owns and operates a portfolio of retail assets across India, including shopping malls in major cities like Chennai, Bengaluru, Surat, Amritsar, Nagpur, and Chandigarh.[1] [2] [3] [4]
Virtuous Retail was founded in 2007 by Xander Group to develop community-centric retail and mixed-use projects in India.[5] In 2016, Xander partnered with APG to form a $450 million joint venture, with APG holding a majority stake of 77%. The joint venture company, Virtuous Retail South Asia, acquired three retail assets from a Xander-backed fund for ₹2,000 crore.
Since then, VRSA has expanded its portfolio through organic growth and acquisitions. In 2019, the company acquired two shopping malls from Tata Realty and Infrastructure Ltd for ₹700 crore. VRSA currently has a total of six operational malls and two under-construction projects in Thane and Delhi.[6] [7] [8]