GMR subsidiary floats joint venture with ESR for industrial park in Hyderabad

GMR Hyderabad Aerotropolis Limited (GHAL) has formed a joint venture with ESR Hyderabad 1 Pte Limited (ESR) to develop a 66-acre logistics and industrial park at the Hyderabad airport city.

While the former is a subsidiary of GMR Hyderabad International Airport Limited (GHIAL), the latter is a subsidiary under the Hong Kong headquartered ESR Cayman Limited,

According to a statement, ESR and GHAL have entered into a definitive agreement with an equity interest of 70 per cent and 30 per cent respectively in the SPV-GMR Logistics Park Private Limited. The total project outlay would be around Rs 550 crore.

The joint venture 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 such as light assembly.

Image Credit : static.dnaindia.com

Research Desk

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