RMZ
Indian real estate company
From Wikipedia, the free encyclopedia
RMZ is an Indian privately owned alternative asset company, headquartered in Bengaluru.[2] The company has developed projects in Bengaluru, Chennai, Hyderabad, Delhi NCR, Pune, and Mumbai.[2][3]
Raj Menda
Manoj Menda
 | |
| Company type | Private |
|---|---|
| Industry | Financial Services |
| Founded | 2002 |
| Founder | Arjun Menda Raj Menda Manoj Menda |
| Headquarters | Bengaluru, India |
Area served | India |
Key people | Arjun Menda (Group Chairman) Raj Menda (Chairman) Manoj Menda (Chairman)[1] |
| Products | Commercial offices, Industrial parks, Residential apartments, Mixed-use developments, Data centres |
Number of employees | 500+ |
| Website | www |
History
RMZ was founded in 2002 by Arjun Menda and his sons, Raj and Manoj Menda, who were associated with the K Raheja Group, managing operations in the southern region during the late 1990s. RMZ executed its first project in Bangalore in 2002.[2][4]
In 2012, RMZ introduced residential real estate 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 in 2013, acquiring a 21% stake. 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 launched a co-working space business called CoWrks.[9][10]
In 2018, RMZ 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 and DB Realty jointly acquired the Kamal Amrohi's film studio Kamalistan, located in Mumbai.[14]
In January 2020, RMZ formed a US$1 billion joint venture with a Japanese real estate company Mitsui Fudosan to develop commercial projects in India.[15] In August 2020, the company sold 18% of its commercial real estate and co-working business to Brookfield for $2 billion.[16][17]
In April 2021, Canada Pension Plan Investment Board invested around $210 million in a joint venture with RMZ to develop and hold commercial office space in Chennai and Hyderabad.[18] Later in March 2022, a 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][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]
CSR
RMZ Foundation is the 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.[24] The organization has installed artworks at RMZ Ecoworld, including sculptures by contemporary artists such as Subodh Gupta, Ravinder G Reddy, Dhruva Mistry, Paresh Maity, Arunkumar H G, and Jayasri Burman.[25][26][27] In 2019, RMZ Foundation established the Sustainable Health Initiative, a business accelerator supporting healthcare startups.[28][29]