Singaporean sovereign wealth fund GIC on Tuesday announced a joint venture with the Hong Kong-headquartered ESR Cayman to form a USD 750 million joint venture which will develop and acquire industrial and logistics assets in India. GIC will be owning 80 per cent stake in the joint venture, while ESR will own the remaining 20 per cent, an official statement said, adding the platform will focus on tier-I and tier-II cities across India where it will develop and own institutional-grade, industrial and logistics facilities. It will be 'seeded' with a 2.2 million sq ft build-to-core asset, located in close proximity to the large consumption hubs of Mumbai and Thane, it added.