GHAL forms JV with ESR to develop world-class Logistics and Industrial park
The project capital outlay would be around Rs 550 crore
GMR Hyderabad Aerotropolis (GHAL), a subsidiary of GMR Hyderabad International Airport (GHIAL), has formed a joint venture with ESR Hyderabad 1 Pte (ESR), a subsidiary under the Hong Kong headquartered ESR Cayman to develop a 66-acre logistics and industrial park at the Hyderabad airport city.
ESR and GHAL for the aforesaid transaction have entered into definitive agreements with an equity interest of 70% and 30% respectively in the SPV viz, GMR Logistics Park. The total project outlay would be around Rs 550 crore.
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.
“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,” said Aman Kapoor, CEO Airport Land Development, GMR Group.
Speaking on the partnership, Abhijit Malkani and Jai Mirpuri, country heads of ESR India, said, “The collaboration reiterates ESR’s strategic mission to strengthen our facilities and key positions across the country. 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 way for Indian and global companies to capitalize on the immense growth opportunities available in the Indian market.”