GMR Hyderabad Aerotropolis Ltd (GHAL) has formed a joint venture with ESR Hyderabad 1 Pte Ltd, a subsidiary under the Hong Kong-headquartered ESR Cayman, to develop a 66-acre logistics and industrial park at Hyderabad airport city with an outlay of Rs 550 crore.
ESR and GHAL have signed definitive agreements with an equity interest of 70 per cent and 30 per cent respectively in the special purpose vehicle called GMR Logistics Park Pvt Ltd.
Knight Frank India was transaction managers of the joint venture which proposes to develop a flagship airport centric logistics and industrial park providing modern facilities for warehousing, distribution centres 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.
"The joint venture is a strong step forward in creating global standards of warehouse and logistics infrastructure in India, especially in the post-GST era," said Shishir Baijal, Chairman and Managing Director of Knight Frank India.
While ESR is known for creating and managing large-scale warehousing and logistics parks, GMR's contribution to India's growing infrastructural prowess is far-reaching in terms of landmark facilities, he said in a statement on Monday.
Baijal said Hyderabad is a high-potential location for warehousing and logistics development on account of its catchment as well as feeder locations. It can be gauged by the fact that the market saw warehouse leasing activities double between 2017 and 2018.
( With inputs from ANI )