GMR Hyderabad Aerotropolis Ltd, a subsidiary of GMR Hyderabad international Airport Limited, has formed a joint venture with global logistics real estate firm ESR to jointly develop a 66-acre logistics park in Hyderabad for Rs 550 crore.
ESR and GMR have entered into definitive agreements with an equity interest of 70 per cent and 30 per cent respectively in the special purpose vehicle (SPV), namely, GMR Logistics Park Pvt Ltd, both the companies said in a statement.
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 GMR Group CEO Airport Land Development Aman Kapoor.