GMR Hyderabad Aerotropolis (GHAL), a subsidiary of GMR Hyderabad International Airport (GHIAL), has formed a joint venture (JV) with ESR Hyderabad 1 (ESR), a subsidiary under the Hong Kong headquartered ESR Cayman to develop a logistics and industrial park at the Hyderabad airport city, Telangana.
The project will come up over 66 acre of land parcel. ESR and GHAL for the aforesaid transaction have entered into definitive agreements with an equity interest of 70 percent and 30 percent in the SPV, GMR Logistics Park.
The total project outlay will be around Rs 550 crore.
The JV proposes to develop a flagship airport-centric logistics and industrial park providing state-of-the-art facilities for warehousing, distribution centres and non-polluting industrial such as light assembly.