GHAL to develop ₹550-crore logistics park.

The GMR Hyderabad Aerotropolis Ltd. (GHAL) will develop a 66-acre logistics and industrial park near the international airport with an outlay of ₹550 crore.

The GHAL, an arm of GMR Hyderabad International Airport (GHIAL), has formed a joint venture with ESR Hyderabad 1

Pte Limited (ESR), a subsidiary of Hong Kong-based ESR Cayman Limited to develop the project.

ESR and GHAL have entered into definitive agreements with an equity interest of 70 per cent and 30 per cent, respectively in the special purpose vehicle GMR Logistics Park Private Ltd.

The airport centric logistics and industrial park will provide warehousing and distribution facilities.

“This collaboration will set new standards for the warehousing and industrial real estate sector. It will benefit the burgeoning cargo industry in the region,” Aman Kapoor, Chief Executive Officer of Airport Land Development, GMR Group, has said.

ESR is a major player in logistics real estate platform by gross floor area (GFA) and by value of the assets owned in the Asia-Pacific region.

HBL