Virtuous Retail

Virtuous Retail South Asia (VRSA) is a joint venture between Singapore-based private equity firm Xander Group and Dutch institutional investor APG. The company owns and operates a portfolio of retail assets across India, including shopping malls in major cities like Chennai, Bengaluru, Surat, Amritsar, Nagpur, and Chandigarh.

History
Virtuous Retail was founded in 2007 by Xander Group to develop community-centric retail and mixed-use projects in India. In 2016, Xander partnered with APG to form a $450 million joint venture, with APG holding a majority stake of 77%. The joint venture company, Virtuous Retail South Asia, acquired three retail assets from a Xander-backed fund for ₹2,000 crore.

Since then, VRSA has expanded its portfolio through organic growth and acquisitions. In 2019, the company acquired two shopping malls from Tata Realty and Infrastructure Ltd for ₹700 crore. VRSA currently has a total of six operational malls and two under-construction projects in Thane and Delhi.