Mumbai-based real estate company Runwal Real Estates Pvt. Ltd., or Runwal Group, entered into a joint venture with private equity firm Warburg Pincus LLC to build a retail mall platform in India, Bloomberg Quint reported, citing a company statement.

The US$1 billion joint venture will be led by former Landmark Hospitality CEO Sanjay Dube, the report noted. Each entity will provide US$200 million in equity, while the remaining US$600 million will be raised through debt financing.

The platform will develop large destination shopping malls, as well as small hypermarket and cinema-anchored community malls. It may also seek both greenfield and brownfield projects, according to the report.