GMR subsidiary forms JV with ESR to develop industrial park in Hyderabad

GMR Hyderabad Aerotropolis Limited (GHAL), a subsidiary of GMR Hyderabad International Airport Limited (GHIAL) has formed a joint venture with ESR Hyderabad 1 Pte Limited (ESR), a subsidiary under the Hong Kong headquartered ESR Cayman Limited, to develop a 66-acre logistics and industrial park at the Hyderabad airport city.

ESR and GHAL have entered into a definitive agreement 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, according to the company.

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.