GMR Hyderabad Aerotropolis Limited (GHAL) forms a joint venture with ESR Hyderabad 1 Pte Limited (ESR), a subsidiary under the Hong Kong headquartered ESR Cayman to develop a logistics and industrial park at the Hyderabad Airport (HYD) city.
GHAL, a subsidiary of GMR Hyderabad International Airport Ltd. (GHIAL), and ESR have entered into definitive agreements with an equity interest of 70 and 30 per cent respectively in the 26.7 ha GMR Logistics Park for nearly INR 5.5 billion (USD 77.2 million).
The JV proposes to develop a flagship airport centric logistics and industrial park providing state-of-the-art facilities for warehousing, distribution centres.
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,” says Aman Kapoor, CEO Airport Land Development, GMR Group. “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.”
Speaking on the partnership, Abhijit Malkani and Jai Mirpuri, country heads of ESR India add: “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,” they say.
ESR is the largest Asia-Pacific focused logistics real estate platform by gross floor area (GFA) and by value of the assets owned directly and by the funds and investment vehicles it manages.
GMR Infrastructure is a leading global infrastructure conglomerate with interests in Airport, Energy, Transportation and Urban Infrastructure, is listed on Indian Stock Exchanges.
GMR Group’s Airport portfolio includes India’s busiest airport, Indira Gandhi International Airport in New Delhi, Hyderabad’s Rajiv Gandhi International Airport, and Mactan Cebu International Airport in partnership with Megawide in Philippines.
Greenfield projects under development include airports at Mopa in Goa and Airport at Heraklion, Crete, Greece in partnership with GEK Terna. The GMR-Megawide consortium has won the Clark International Airport’s EPC project, the second project in Philippines.
The Group recently received Letter of Intent for development and operations of Nagpur Airport on Private, Public, Partnership (PPP) basis and development and operation of greenfield airport at Bhogapuram in Andhra Pradesh. The GMR Group is also developing unique airport cities on the commercial land available around its airports in Delhi, Hyderabad and Goa.