Prologis president Dan Letter will take over as CEO next year
Prologis has formed a joint venture with Indian conglomerate Jhaver Group to expand the US logistics giant’s footprint in the world’s most populous nation.
The partnership combines the expertise of San Francisco-based Prologis with Jhaver’s knowledge of building businesses in India, according to a Thursday announcement. Prologis currently holds more than 300 acres (121 hectares) of land for developing 6.5 million square feet (603,870 square metres) of projects in the cities of Chennai, Bengaluru, Hosur and Pune.
Jhaver Group president Vedant Jhaver will serve as chairman of the JV, called Prologis India, working alongside Prologis head of India Vineet Sekhsaria. Prologis India plans to develop a logistics portfolio across the country’s largest cities to address rising demand for modern, scalable industrial facilities.
“India continues to emerge as a top destination for global investment, and through Prologis India, we are well-positioned to build an exceptional portfolio of logistics and industrial assets,” said Prologis president Dan Letter.
Back in Business
Since re-entering India in 2023 after a three-year “strategic assessment”, Prologis has committed more than $300 million to the market and assembled a team led by Sekhsaria, a veteran of Morgan Stanley’s real estate investment business in the country.
Jhaver Group president Vedant Jhaver
The India projects include a 30 acre site in Bengaluru under development with RMZ Corporation, as well as a 200 acre multi-phase, 4.4 million square foot project in Chennai and a 36 acre, 800,000 square foot project in Hosur. No information was available about the Pune project.
Prologis aims to supercharge its India buildout with the help of Jhaver Group — a 130-year-old conglomerate with business lines spanning infrastructure, healthcare, agriculture and IT — and has set a goal to increase its investment in the country to $500 million.
“This is a pivotal moment for India’s logistics infrastructure,” Sekhsaria said. “With our global scale, development track record, and customer-centric approach, Prologis is well equipped to help modernise and strengthen the country’s industrial backbone.”
Leadership Transition
As the world’s biggest warehouse owner, Prologis operates in 20 countries with a portfolio spanning 1.3 billion square feet.
The company in February announced a leadership transition, with co-founder Hamid Moghadam set to relinquish his CEO title in 2026 while continuing as executive chairman. Current president Letter, who joined Prologis in 2004, will step up into the chief executive role.
Moghadam helped establish Prologis precursor AMB Property Corp in 1983. The company listed on the NYSE in 1997 and merged with ProLogis in 2011.
“This transition has been carefully planned to ensure Prologis’ continued success,” Moghadam said. “Having worked closely with Dan for more than 20 years, I have full confidence in his leadership. He embodies our values and is committed to the company’s long-term vision.”
