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National Highways Logistics Management Ltd (NHLML), an NHAI subsidiary, has signed an agreement for the development of Multi Modal Logistics Park (MMLP) in Bengaluru at an estimated cost of Rs 1,770 crore.
The project -- to be developed under the public private partnership model -- is poised to become the first and largest MMLP to be implemented in the country under the PM Gati Shakti National Master Plan, according to an official statement on Monday.
The agreement has been signed between Bengaluru MMLP Pvt Ltd -- a government Special Purpose Vehicle (SPV) -- and concessionaire SPV M/s PATH Bengaluru Logistics Park Pvt Ltd.
A government SPV was incorporated between NHLML, Rail Vikas Nigam Ltd and Karnataka Industrial Area Development Board, the statement said.
The MMLP, to be developed in three phases, will be built on an area of 400 acres at Muddalinganahalli in Bengaluru rural district, as per the statement.
The first phase is expected to be completed in two years, it said, adding that the MMLP will cater to about 30 million metric tonnes cargo by the end of concession period of 45 years.
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The statement said development of MMLP is a key initiative of the central government to improve the country's freight logistics sector by enabling efficient inter-modal freight movement to lower overall freight costs and time, provide efficient warehousing, improve tracking and traceability of consignments.
Bengaluru MMLP is 58 km from the Bengaluru airport and 48 km from the Bengaluru city railway station.
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