GMR ties up with ESR Hyderabad to build Rs 550 crore logistics park

GMR Hyderabad Aerotropolis Limited (GHAL) announced that it had formed a joint partnership with ESR Hyderabad (ESR), a subsidiary of the Hong Kong-headquartered ESR Cayman Limited, to develop a 66-acre logistics and industrial park at the Hyderabad city airport. For the project, GHAL and ESR have entered into definitive agreements with an equity interest of 70 per cent and 30 per cent, respectively. The total project outlay is said to be Rs 550 crore. The proposed park will provide state-of-art facilities for warehousing, distribution centres, and non-polluting industrial facilities, such as light assembly. It will also help attract investments and employment in the region.

Speaking on the announcement, Aman Kapoor, the CEO Airport land Development of GMR Group, stated that besides burgeoning cargo industry in the region, the collaboration would set new standards for warehousing and industrial real estate sector.

GMR Infrastructure is engaged in generation of power, mining and exploration activities, development of highways, infrastructure development, such as development and maintenance of airports and special economic zones.

At 12 pm on Friday, the stock was trading at Rs 24, down by 0.41 per cent or Rs 0.10 per share. The 52-week high is recorded at Rs 24.80 and the 52-week low is recorded at Rs 13.45.