ESR India Investments Holdings Pte. Ltd., a subsidiary of Asia Pacific's leading logistics real estate platform ESR, announced a strategic alliance with Future Group through Future Market Networks Ltd (stock codes: NSE: FMNL, BSE:533296). It is estimated that an investment nearly Rs.300 Crore (approximately US$42 million) shall be made to develop two stateof-the-art industrial and warehousing parks to service the northern and central regions.
This collaboration is aimed to set new standards for the warehousing and industrial real estate sector and benefit from the burgeoning e-commerce growth in these regions. The two sites, with a total area of approximately 75 acres and a developable area of approximately 1.3 million sq. ft. will be jointly developed by Future Group's Future Market Networks Ltd. and ESR, with ESR as the majority partner. The projects will deliver institutional grade facilities, aligning with ESR's best-inclass modern technologies and know-how.
Abhijit Malkani and Jai Mirpuri, Country Heads of ESR India, remarked, "We are excited to partner with Future Group in this landmark transaction which will leverage Future Group's deep understanding of the Indian retail and logistics industries and ESR's expertise in building smart logistics infrastructure. This will strengthen ESR's presence in India to six cities and we expect this strategic alliance to expand further in several newer geographies in the next one to two years. Jeffrey Shen and Stuart Gibson, co-founders and co-CEOs of ESR, jointly stated, "This strategic collaboration between Future Group and ESR India marks a significant development for both companies, as well as the logistics and industrial real estate sector in India. We look forward to expanding the scale of this partnership further in near future."
Kishore Biyani, Group CEO, Future Group stated, "We are enthusiastic about our alliance with ESR to develop state-of-the-art industrial and logistics infrastructure. ESR shall bring in their expertise to develop these strategically located assets to service India's rapidly growing logistics industry. Through this partnership we are committed to deliver the highest standards of design, construction and operation of warehouses to ensure that these parks address market demand for first-rate logistics solutions."
Shares of FUTURE MARKET NETWORKS LTD. was last trading in BSE at Rs.26.65 as compared to the previous close of Rs. 27.65. The total number of shares traded during the day was 281 in over 8 trades.
The stock hit an intraday high of Rs. 28.95 and intraday low of 26.4. The net turnover during the day was Rs. 7727.