Download Sustainability Report FY23

Our approach to
sustainability

Sometimes small steps need to band together to take a giant leap in transformation.

We have taken that leap in the form of an initiative built on our pillars of taking sustainable action for impactful change to society and the environment.

This will assemble our vision and resolve towards our ESG initiatives under one banner.

We call it

It is time for action to speak louder than words.

India’s largest investor, developer, and manager of industrial and logistics real estate

Spread across

0 Operational parks

0 acres Land bank

0Bn In assets under management  

0 Mn Sq ft Size of portfolio

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ESG Strategy

  • Environment
  • Governance

Environment Reducing our environmental
footprint

Focus area

  • Sustainable building certifications
  • Renewable energy generation
  • Resource efficiency during design, development and park operations
  • Protection of local biodiversity and environment in which we operate
  • Enhance resilience of our buildings to natural hazards, physical climate change-related risks/extreme weather events
  • Environmental aspect and impact identification
  • Training and capacity building on material environmental topics
  • Adoption of waste minimisation approach (reduce, reuse, recycle, recover) across the project development and operations phase’
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Social Promoting the health, safety and well-being of our employees,
tenants, business partners and communities

Focus area

  • Protection of human rights, zero tolerance to child and forced labour
  • Equal opportunity employer
  • Human Capital Development initiatives
  • Awareness and training programmes addressing health, safety and well-being
  • Diversity, Equity and Inclusion
  • Safe work environment
  • Hazard identification, risk analysis and control
  • Needs-based local community development projects
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Governance Enhancing governance
and transparency

Focus area

  • Adoption and implementation of responsible investment practices
  • Aligning with best-in- class ESG reporting standards
  • Anti-bribery and anti-corruption programme supported by various policies
  • Conducting business activities in compliance with all applicable legal and regulatory requirements
  • Continued emphasis on POSH and ethics trainings
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Highlights of the year

  • People
  • Planet
  • Profit
  • Governance

People

EMPLOYEES

ZERO

Serious injury cases

ZERO

POSH incidents

Various employee engagement initiatives carried out–PLAY, VIBE, Darwin Box and Celebrating Women, among others

COMMUNITIES

INR 16.4 Mn

Spent on CSR activities

CUSTOMERS

851

Net promoter score

5

Parks equipped with e-charging

3

Parks equipped with food stations and e-bikes

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1 Based on the external customer satisfaction survey

Planet

CLIMATE CHANGE

Transition and physical climate change risk assessments as per TCFD recommendations

ENERGY

9.2 MWp

Rooftop solar installed

GREEN BUILDING CERTIFICATION

57

Warehouses EDGE certified

48

Warehouses EDGE Advanced certified

16

Operational parks received IGBC Platinum Certification

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Profit

USD 97.5 Mn

Total Gross Revenue

USD 16.8 Mn

Taxes paid

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Governance

ZERO

Breaches of
Code of Conduct

ZERO

Breaches of data loss/ customer privacy

ZERO

Breaches on anti-bribery and anti-corruption

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Awards

GRESB 4-star rating in the first year of submission

GRESB is the standard for evaluating ESG performance in real estate and infrastructure projects. It provides objective scoring, benchmarking, and risk management insights. Major investors worldwide rely on GRESB data to make informed decisions that will lead them to a sustainable future.

In FY23, IndoSpace Core, India’s largest stabilised industrial and logistics real estate platform received a 4 star rating in the first year of participation. In FY24, we will be including ILP II, one of our development funds for GRESB assessment.

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Pioneer in Large Scale Adoption of Green Logistics Parks in India

IGBC Green Champion Award

Top 2 Overall Developer

By Euromoney Magazine 2020 and 2022

Sustainability Practices in Building Warehouses- Special Category Award

CII Scale – Supply Chain and Logistics Excellence Awards

Brand of the Year-Trailblazing Industrial and Logistic Developer

Team Marksmen 2022

Best Industrial/Warehouse Developer in India

Ranked No.1 By Euromoney Magazine (Won 7 times, since 2015)

EDGE Champion–2022

By IFC

Best Innovative Green Developer In India–2020 And 2022

Ranked No.2 By Euromoney Magazine

Message from the VC and CEO

RAJESH JAGGI

Vice Chairman Real Estate,
Everstone Group

BRIAN ORAVEC

Managing Partner and Chief Executive Officer,
IndoSpace Capital Asia

Dear readers,
As India’s largest investor, developer, and manager of industrial and logistics real estate, we have been dedicated to providing top-quality sustainable warehousing solutions for over 15 years, and are proud to bring you our fourth Sustainability Report in which we have captured our business’ sustainability performance for FY23.

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Sustainability Roadmap (Targets)

2025 goals

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100%

Sustainable building certification

PROGRESS

100%

Our core portfolio is EDGE/EDGE Advanced certified. We seek green building certification for our under-construction projects as well. ILP II and ILP III projects under development are pre-registered for EDGE certification.

STATUS

In progress

100%

Efficient lighting/ LED lighting

PROGRESS

100%

We deploy energy efficient lighting across all our existing/new parks.

STATUS

Achieved

3%

GHG-emission reduction

PROGRESS

Target will be reassessed as our Company is undergoing emission inventorisation across Scope 1,2, and 3 emissions. We have submitted our letter of commitment to SBTi2 and we are developing our near- and long-term emission reduction targets (net-zero) aligned to the SBTi framework and the Paris Agreement.

STATUS

In progress

20 MWp

Solar power installation

PROGRESS

11.98 MWp

9.2 MWp is installed and work is in progress for another 2.62 MWp, we are on track to achieve the 20 MWp by 2025

STATUS

In progress

100%

Sustainable building certification

PROGRESS

100%

Employees covered for the ethics trainings

STATUS

Achieved

2 As per SBTi framework, we fall under SME category and are not allowed to submit the standard commitment letter and directly proceed for target validation using SME route. We will be proceeding for target validation in FY24.

3 Serious injury: An injury that creates a significant risk of death or a prolonged impairment of health.

Stakeholder
engagement

Our close collaborations with our internal and external stakeholders enable us to anticipate and mitigate emerging risks, and recognise and capitalise on opportunities. We engage in continuous dialogue with our stakeholders to identify their expectations and concerns.

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Materiality

Any topic that could impact our business, either positively or negatively, is deemed to be material to us. To identify the issues that are of utmost importance, we conducted a comprehensive materiality assessment for the first time in FY22.

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