AI is killing the easy part of outsourcing. But the harder part of enterprise AI — integration, governance, regulated deployment and accountability — is exactly where TCS, Infosys, HCLTech and Wipro still have leverage.

Horizon Industrial Parks has the right sector, the right sponsor and the right tenants. What it does not yet have is the clean, seasoned, yield-machine profile that public investors usually associate with Blackstone’s India real-estate listings.