JEDDAH: The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IsDB) Group, and the Islamic Republic of Mauritania have signed a three-year Memorandum of Understanding (MoU) establishing a framework for strategic cooperation across key areas of private sector development and economic capacity building.

The agreement was signed at ICD Headquarters by H.E. Dr. Abdellah Souleymane Cheikh-Sidia, Minister of Economic Affairs and Cooperation, IsDB Governor, and the Acting CEO of ICD, Dr. Khalid Khalafalla, in the presence of H.E. Mohamed Lemine Dhehby, Central Bank of Mauritania, IsDB Alternate Governor,  and senior officials from the IsDB Group and members of the Mauritanian delegation.

A central pillar of the MoU is ICD’s commitment, on a non-binding and best-effort basis, to arrange a Shariah-compliant syndicated or club financing facility of up to USD 900 million in favor of Mauritania Saudi Mining and Steel S.A. (Takamul). The facility will support the development of the Atomai iron ore project in the Tiris Zemmour mining region, encompassing an open-pit iron ore mine, beneficiation facilities, two pelletizing plants in Nouadhibou, and ancillary infrastructure, including power generation and water desalination, targeting an annual output of 10 million tonnes of High-Grade Direct Reduction Pellets.

Beyond this flagship initiative, the cooperation framework encompasses a range of activities aimed at strengthening Mauritania’s institutional foundations and broadening access to private sector financing. These include supporting Mauritania’s sovereign credit rating engagement, developing a Public-Private Partnership (PPP) ecosystem, and extending lines of financing to local financial institutions to enhance SME access to capital. ICD will also work to identify and finance bankable projects in priority sectors, including energy.

Commenting on the signing, Dr. Khalid Khalafalla, Acting Chief Executive Officer of ICD, said: “We are honored to formalize this cooperation with the Islamic Republic of Mauritania. This MoU reflects our commitment to deploying Shariah-compliant finance as a catalyst for sustainable development. From supporting one of the region’s most significant mining and industrial projects to building institutional capacity in areas such as PPP and sovereign credit rating readiness, ICD is proud to play a role in Mauritania’s long-term economic transformation.”

H.E. Abdullah Suleiman Sheikh Sidiya, Minister of Economic Affairs and Development and IsDB Governor for Mauritania, stated:  “This partnership marks an important step in strengthening Mauritania’s efforts to accelerate sustainable and inclusive economic growth. Through this cooperation with ICD, we aim to mobilize innovative and Shariah-compliant financing solutions to support strategic investments, strengthen our institutional framework, and expand opportunities for private sector development. We particularly welcome ICD’s support in areas such as sovereign credit rating engagement, the development of a robust PPP ecosystem, and improving access to finance for SMEs. These initiatives will contribute to unlocking Mauritania’s economic potential and advancing our long-term development objectives.”

H.E. Mohamed Lemine Dhehby, Governor of the Central Bank of Mauritania and Alternate Governor of the IsDB Group, said: “Strengthening Mauritania’s sovereign credit profile is an important step toward deepening our integration into international financial markets and unlocking new sources of sustainable financing for our development priorities. We welcome ICD’s support in advancing our sovereign credit rating engagement and in reinforcing the financial ecosystem necessary to attract long-term investment. This collaboration will contribute to enhancing transparency, strengthening investor confidence, and supporting the continued development of Mauritania’s financial sector.”

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The partnership builds on the UK-India Free Trade Agreement (FTA), advancing aerospace technology transfer and innovation in both countries, and aligns with the goals of India-UK Vision 2035. The MoU begins with an initial two-year term, offering both companies the opportunity to advance localisation, conduct joint trials, and shape a definitive agreement for deployment in India.

Together, Bharat Forge and Windracers expect to address emerging requirements across the Indian military and civil sectors with ULTRA’s capabilities, including Carrier On Board Delivery (COD) operations for the Indian Navy, critical logistics for the Indian Army and Indian Air Force, and other key roles in varied operational environments.

“We are delighted to partner with Windracers under the positive climate fostered by the UK-India FTA,” said Amit Kalyani, Joint MD of Bharat Forge. “Windracers ULTRA not only enhances India’s indigenous UAV capabilities but also delivers robust solutions for high-stakes logistics across some of the world’s most challenging geographies. With an industry-leading payload capacity and proven performance in high-altitude, maritime, and remote terrains, Windracers ULTRA is uniquely suited to tri-service needs expanding our reach with an offering tailored to all three domains – naval, air and land – and aligning with Indian Ministry of Defence’s 15-year roadmap that prioritizes unmanned logistics, naval operations, high-altitude supply chains, and dual-use technologies.”

Windracers ULTRA has already proven its multi-mission resilience and reliability in international operations, including its ongoing support for Antarctic research missions, and is expected to deliver similar advantages to India by enabling safe and efficient transport over hazardous and inaccessible terrain.

Simon Muderack, CEO of Windracers, said: “Collaborating with Bharat Forge represents a major step in expanding the dual-use operation of Windracers ULTRA. Our partnership will leverage the years of ULTRA research, development, testing, and operation, and deliver strategic benefits and operational autonomy for India’s defence and civil stakeholders.”

Windracers ULTRA uses proprietary mission control and autopilot systems and is designed for endurance missions of six to seven hours. ULTRA is designed and built to operate across diverse environments, from India’s oceanic and island regions, high-altitude Himalayan terrain, and the remote Northeast of India.

The MoU aligns with Bharat Forge’s and Windracers’ broader aerospace growth strategy of advancing UAV capabilities in India, supporting innovation, technology transfer, and strategic aerospace applications across defence.

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This MoU was signed under the guidance of Dr. Anurag Kashyap, Principal, BNCA. Dr. Kashyap said that this agreement will enable joint studios and joint research between the two educational institutions. A student exchange program will also be undertaken under this initiative. A visit to the Czech Republic was organised under the leadership of Dr. Shruti Joshi, head of this project, along with Prof. Surbhi Gadkari and Prof. Pooja Ghorpade. Four professors and twelve postgraduate students from the College of Architecture at ARCHIP University participated in this workshop. 

Dr. Shruti Joshi informed that the workshop studied the metro station area in Veleslavin, a suburb of Prague in the Czech Republic. A proposal was submitted by BNCA students regarding the potential of opening new facilities in the open spaces around the metro station, also using the urban design interventions and landscape to attract the new generation, and making the most efficient use of the space. For this, we and our students discussed and adopted an urban design approach while considering the need for more residential areas, along with other buildings, and the appropriate use of the open spaces in between. Addressing various challenges, like increasing the demographic diversity and creating more interactive spaces, formed the basis of the local area plan for Veleslavin.  

She further said that the workshop was organized to suggest practical solutions from an architectural perspective on various urban planning issues. The workshop started in January 2025 this year when professors and students from ARCHIP University in the Czech Republic came to BNCA in Pune. The first workshop was organized on the same topic of metro stations in Pune at that time. The workshop in Prague was the second stage of this collaboration.

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Aims to raise more than Rs. 150 crores in Phase 1 from office space in Pune

• The asset is over 120,000 square feet and is expected to offer 12- 13% IRR and 8-9% entry yield
• India Land and Global Group are well established Real Estate Developers with interests in Industrial, Retail Malls and Offices and have multiple projects spread across Maharashtra and Tamil Nadu

PUNE: Strata, India’s leading tech-enabled commercial real estate (CRE) investment platform, announced today its strategic partnership with India Land and Global Group, two of Maharashtra’s leading commercial developers. This partnership will strengthen the asset supply for Strata increasing its presence across the region.

Through this partnership, Strata is planning to raise Rs.150+  crore in phase 1 for a Grade-A office asset in Pune’s Hinjewadi. This strategic partnership with two key developers in the commercial real estate segment will enhance Strata’s presence across Maharashtra and Southern India in the coming year. India Land and Global Group own multiple commercial properties spread across Maharashtra and Tamil Nadu.

Phase 1 of the Pune property is strategically located in Hinjewadi, covering an area of 120,000 square feet. It is expected to offer an Internal Rate of Return (IRR) of 12-13% and a rental yield of 8-9%. The location has become a thriving investment hub following the establishment of the Hinjewadi IT Park. It is situated in one of the most sought-after areas, surrounded by an unparalleled infrastructure ecosystem. Enjoying proximity to all major suburbs of Pune, Hinjewadi remains one of the region’s most preferred areas.

The asset is part of IndiaLand, a prominent commercial real estate developer in Southern India. With premium assets across Mumbai, Pune, Coimbatore, and Chennai, it will strategically expand Strata’s presence across Maharashtra and Tamil Nadu, offering fractional investments in commercial properties to a larger audience.

“We are excited about the strategic tie-up with IndiaLand and Global Group for our Hinjewadi Pune office property,” stated Sudarshan Lodha, Co-founder and CEO of Strata. ” Hinjewadi has always been on our radar as the fastest-developing region in Pune. With the backing of these esteemed partners and the investment opportunity we are presenting, we are confident in delivering value to our investors. By meeting the growing demand for top-notch office spaces in Pune, we will further strengthen our foothold and bring more premium investment opportunities for our investors,” he added.

In conjunction with IndiaLand, the Global Group is an esteemed industrial construction group specializing in various areas, including industrial park development, built-to-suit lease options, land acquisition, project management, and warehouse logistics. The company possesses over 10 million square feet of pre-leased industrial & commercial properties strategically located across Pune and beyond.

This strategic partnership combines the extensive experience, industry knowledge, and proven track records of Strata, IndiaLand, and Global Group. By leveraging their combined expertise, the partners aim to create a premier office property in Hinjewadi, Pune, catering to the evolving needs of the business community.

Salaikumaran, CEO, IndiaLand, commented, “Strata, being one of the most prominent proptech platforms, brings us great pleasure to associate with them. This partnership will help us extend this lucrative investment avenue to a larger investor pool and participate in their overall growth journey. This asset marks just the beginning of what we aim to introduce in the market in the near future.”

Harish Hingorani, Executive Director of Global Group added, “This alliance is undoubtedly a significant step for us in opening the doors to larger retail investment in such a technical and closed-door sector. This collaboration will empower us by strengthening our resources and accelerating our growth. We would like to express our gratitude to Sudarshan and his team for this collaboration and have great confidence in a long journey ahead.”

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