Last Updated : Saturday, January 11, 2020 00:42:09

GMR forms JV with Hong Kong based Co., to develop Logistics & Industrial Park

NEW DELHI | MUMBAI | RAJKOT – In a regulatory update as submitted to the Indian Stock Exchanges, Mumbai headquartered GMR Infrastructure Ltd said of its subsidiary company GMR Hyderabad Aerotropolis Ltd (GHAL) forms Joint Venture (JV) company with ESR Hyderabad 1 Pte Ltd in 70:30 ratio to develop logistics and industrial park, at Hyderabad Airport City, with an estimated project outlay pegged at 5.5 billion (~550 crore) rupees.

The press-release titled, “GMR Hyderabad Aerotropolis Limited (GHAL) forms JV with ESR to develop a world-class Logistics and Industrial park,” enclosed with the regulatory filing as submitted by the company to the Indian Bourses, further read that, GMR Hyderabad Aerotropolis Limited (GHAL), a subsidiary of GMR Hyderabad International Airport Ltd (GHIAL), has formed a joint venture with ESR Hyderabad 1 Pte Ltd (ESR), a subsidiary of the Hong Kong headquartered ESR Cayman Ltd, 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 Pvt Ltd.

The total project outlay would be around Rs. 550 Crore (~5.5 billion).

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 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.

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