GMR ties up with ESR for Rs 550 Cr logistic park at Hydbad

GMR Hyderabad Aerotropolis Limited, a subsidiary of GMR Hyderabad International Airport Ltd., has formed a Joint Venture with ESR Hyderabad 1 Pte Limited, a subsidiary of Hong Kong-headquartered ESR Cayman Limited, to develop a 66-acre logistics and industrial park at Hyderabad airport city.

ESR and GHAL entered into definitive agreements with an equity interest of 70 per cent and 30 per cent respectively in the SPV-GMR Logistics Park Private Limited.

The total project outlay would be around Rs 550 crore, a press release from GMR said.

The JV proposes to develop a flagship airport centric logistics and industrial park providing state-of-the-art facilities for warehousing, distribution centers and non- polluting industrial such as light assembly.

The park will provide new age facilities and amenities to occupiers and help attract investments and employment in the region.

Aman Kapoor, CEO Airport Land Development, GMR Group said "We are pleased to announce the launch of our Joint Venture 'GMR Logistics Park Private Limited' with ESR Hyderabad 1 Pte. Limited.

This collaboration would set new standards for the warehousing and industrial real estate sector.

It would also benefit the burgeoning cargo industry in the region," he said.

Abhijit MalkaniandJai Mirpuri, Country Heads of ESR India,said"This new facility at Hyderabad Airport is our latest investment to support national and global trade to and from Telangana.

Being strategically located, this state-of-the-art facility showcasing smart, sustainable and human-centric design will pave the way for Indian and global companies to capitalize on the immense growth opportunities available in the Indian market.