RMZ Corp

RMZ Corporation
Company typePrivate
IndustryFinancial Services
Founded2002
FounderArjun Menda
Raj Menda
Manoj Menda
HeadquartersBengaluru
Area served
India
Key people
Arjun Menda (Group Chairman)
Raj Menda (Chairman)
Manoj Menda (Chairman)
ProductsCommercial offices, Industrial parks, Residential apartments, Mixed-use developments, Data centres
Total assetsUS$20 Billion (2024)[1]
Number of employees
500+
WebsiteOfficial website

RMZ Corp is a privately-owned global alternative asset owner, headquartered in Bengaluru, Karnataka ,India.[2] The company has developed projects in multiple cities in India, including Bengaluru, Chennai, Hyderabad, Delhi NCR, Pune, and Mumbai[2] The company has a portfolio of real assets spanning a total of 70 million square feet.[2][3]

History

[edit]

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.[2][4]

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).[5] 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.[6][7][8]

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.[9][10]

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.[11] In the same year, the company repurchased shares from Qatar Investment Authority in a deal worth nearly $1 billion.[12][13] In 2019, RMZ Corp and DB Realty jointly acquired the Kamal Amrohi's film studio Kamalistan, located in Mumbai.[14]

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.[15] 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.[16][17]

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.[18] 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.[19] RMZ Corp serves over 250 enterprise customers,[2] including Boeing, Google, Deloitte, SAP, Shell, Honeywell and KPMG.[20][21][22]

In November 2024, RMZ expanded its operation including residential (RMZ Living), hospitality (RMZ Hospitality), mixed-use developments (RMZ Mixed-Use), industrial and logistics (RMZ NXT), office spaces (RMZ Office), and infrastructure (RMZ Infrastructure).[23]

Waste Management

[edit]

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.[24]

In 2020, RMZ Corp joined Well Living Lab Alliance, a global consortium of organizations.[25] 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.[26]

CSR

[edit]

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.[27] 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.[28] It provides a platform for interactive workshops, exhibitions, and collaborations, supporting both established and emerging artists in showcasing their work to a targeted audience.[29][30]

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.[31][32]

Awards and recognition

[edit]
  • Hurun Real Estate Leadership Summit and Excellence Award for the years 2017 & 2018[33][34]
  • LEED Gold Certified 2018[35]
  • RMZ Ecoworld won the 2020 ULI Asia Pacific Awards for Excellence by Urban Land Institute[36]
  • CSR subsidiary RMZ Foundation conferred with Mahatma Award for Social Good 2021[37]
  • The Economic Times's ET Business Excellence Award conferred the Lifetime Achievement award to Manoj Menda, chairman of RMZ Corp's contribution to the real estate sector.[38]

References

[edit]
  1. ^ Keshavdev, V. (15 May 2024). "Transparency, governance in real estate can attract funds from $350 bn global dry powder: RMZ's Menda". FortuneIndia. Retrieved 30 Sep 2024.
  2. ^ a b c d e Gupta, Arbind (June 25, 2022). "RMZ: Building spaces of future". Business India.
  3. ^ Bureau, Online (2023-11-22). "RMZ Corporation plans to double its real estate business to $40 billion by 2029". ETRealty.com. Retrieved 2023-12-01. {{cite web}}: |last= has generic name (help)
  4. ^ Mohapatra, Debasis (November 26, 2018). "Here's why Menda brothers' RMZ Corp is set to enter its next growth phase". Business Standard.
  5. ^ Kurian, Boby; Phadnis, Shilpa (February 2, 2012). "Baring, RMZ set to seal 500cr Bangalore IT park deal". The Times of India.
  6. ^ Das, Avik (September 29, 2015). "RMZ buys Gurgaon IT park for $150 million from BPTP". The Times of India.
  7. ^ Kumar, V. Rishi (13 October 2017). "RMZ Corp in rapid expansion mode; scouts for acquisitions". The Hindu Business Line.
  8. ^ Khan, Sobia (5 February 2019). "RMZ Corp eyeing assets across cities to expand portfolio". The Economic Times.
  9. ^ Kulkarni, Narayan (October 23, 2016). "CoWrks to expand operations". Deccan Herald.
  10. ^ Kamath, Raghavendra (August 27, 2020). "Brookfield in talks to buy RMZ's co-working solution provider CoWrks". Business Standard.
  11. ^ Sapan, Bidya (February 3, 2016). "RMZ Corp. buys Essar's Equinox Business Park for Rs2,400 crore". Livemint.
  12. ^ Khan, Sobia (4 July 2018). "Office space firm RMZ raising Rs 2,060 crore from Qatar fund". The Economic Times.
  13. ^ Giriprakash, N. Ramakrishnan & K. (15 April 2018). "RMZ Group to buy out Baring PE, Qatar Investment Authority combined stake". The Hindu Business Line.
  14. ^ Kurian, Boby (June 10, 2019). "The end: Kamal Amrohi's six-decades-old studio to be converted into Rs 21,000 cr office park". The Economic Times.
  15. ^ "RMZ Corp forms joint venture with Japanese firm for commercial projects". Hindustan Times. Press Trust of India. January 30, 2020.
  16. ^ Ramnani, Vandana (October 20, 2020). "India's biggest-ever property deal: Bengaluru-headquartered RMZ Corp sells assets worth $2 billion to Brookfield". Moneycontrol.com.
  17. ^ Dhamija, Anshul (October 20, 2020). "Big real estate deal shows office isn't going away". Fortune India.
  18. ^ Das, Avik (April 21, 2021). "Canada Pension to invest $210 million with RMZ to develop office parks". The Times of India.
  19. ^ Suvarna, Anuj (March 3, 2022). "Canada's CPPIB To Invest $350 Mn In JV With Bengaluru Realty Firm RMZ Corp". VCCircle.
  20. ^ Shah, Barkha (February 6, 2013). "RMZ Corp eyes 2 more commercial realty projects in Hyderabad". Business Standard.
  21. ^ Dhamija, Anshul (May 9, 2014). "RMZ signs mega office deals in Bangalore". The Times of India.
  22. ^ Babar, Kailash; Khan, Sobia (April 15, 2019). "Boeing India arm picks up office space in Bengaluru". The Economic Times.
  23. ^ Khan, Sobia; Bureau, ET (22 Nov 2023). "RMZ rejigs top leadership team, targets $42 billion AUM by 2029". The Economic Times. Retrieved 26 Sep 2024. {{cite web}}: |last2= has generic name (help)
  24. ^ Basu, Ispita (June 6, 2017). "Tech companies, MNCs strive to recycle the waste they generate". The Economic Times.
  25. ^ Writer, Staff (November 27, 2020). "RMZ Corp joins Well Living Lab Alliance". Architect and Interiors.
  26. ^ Writer, Staff (December 16, 2022). "RMZ Corp becomes signatory member of global decarbonization program 'First Movers Coalition' at COP27". Construction Week.
  27. ^ Meyer, Denise (February 24, 2019). "New initiative will fund innovative solutions in health care". Yale School of Medicine. Yale University.
  28. ^ Kappan, Rasheed (July 6, 2017). "A new tech space designed for art". Deccan Herald.
  29. ^ Govind, Ranjani (July 21, 2017). "The art of beautifying public spaces". The Hindu.
  30. ^ "Urban Works Challenge open". The Hindu Business Line. September 24, 2018.
  31. ^ "Yale-India business accelerator to promote innovative health solutions". Yale News, Yale University. July 9, 2019.
  32. ^ Writer, Staff (June 8, 2019). "A sustainable health initiative launched". Healthcare Radius.
  33. ^ Bureau, Our (19 January 2018). "RMZ Corp bags excellence award". The Hindu Business Line. {{cite web}}: |last1= has generic name (help)
  34. ^ "Grohe Hurun Real Estate Leadership Summit 2018". Press Trust of India.
  35. ^ Thomas, Liffy (27 June 2019). "Does your organisation have a 'preparedness' philosophy?". The Hindu.
  36. ^ "2020 Winners". ULI Asia Pacific.
  37. ^ "Change maker brands, who received the Mahatma Award". Mahatma Awards. July 3, 2023.
  38. ^ "Manoj Menda Receives Lifetime Achievement Award for Real Estate Contributions". Bangalore Times. The Times of India. April 19, 2022.
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