GMR Hyderabad Aerotropolis Limited (GHAL), a subsidiary of GMR Hyderabad lnternationa I Airport Limited (GHIAL), has formed a joint venture with ESR Hyderabad 1 Pte Limited (ESR), a subsidiary of the Hong Kong headquartered ESR Cayman Limited, 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 Private Limited. The total project outlay would be around Rs. 550 Crore.
The JV proposes to develop a flagship airport centric logistics and industrial park providing stateof-the-art facilities for warehousing, distribution centers and non-polluting industrial facilities such as light assembly.
The park will provide new age facilities and amenities to occupiers and help attract investments and employment in the region.
"We are pleased to announce the launch of our joint venture 'GMR Logistics Park Private Limited' with ESR Hyderabad 1 Pte. Limited. 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 Mr. Aman Kapoor, CEO Airport land Development, GMR Group.
Speaking on the partnership Mr. Abhijit Malkani and Mr. 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."
Shares of GMR INFRASTRUCTURE LTD. was last trading in BSE at Rs.24.1 as compared to the previous close of Rs. 24.15. The total number of shares traded during the day was 1233955 in over 1769 trades.
The stock hit an intraday high of Rs. 24.8 and intraday low of 23.9. The net turnover during the day was Rs. 29810467.