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GMR Hyderabad Aerotropolis forms JV with ESR to develop logistics and industrial park

GMR Hyderabad Aerotropolis forms JV with ESR to develop logistics and industrial park

GMR Hyderabad Aerotropolis forms JV with ESR to develop logistics and industrial park
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By CNBC-TV18 Jan 10, 2020 8:12:02 AM IST (Published)

The joint venture with ESR Hyderabad, a subsidiary under the Hong Kong headquartered ESR Cayman, will develop a 66-acre logistics and industrial park at the Hyderabad airport city with the project having a capital outlay of Rs 550 crore.

GMR Hyderabad Aerotropolis (GHAL), a subsidiary of GMR Hyderabad International Airport, formed a joint venture with ESR Hyderabad to develop a 66-acre logistics and industrial park at the Hyderabad airport city.

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ESR and GHAL have entered into a definitive agreement with an equity interest of 70 percent and 30 percent, respectively, in the special purpose vehicle 'GMR Logistics Park', GMR said in a regulatory filing on Thursday.
The joint venture with ESR Hyderabad, a subsidiary under the Hong Kong headquartered ESR Cayman, will develop a 66-acre logistics and industrial park at the Hyderabad airport city with the project having a capital outlay of 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 company statement said.
The park will provide new age facilities and amenities to occupiers and help attract investments and employment in the region, it added.
"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.
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