GMR Hyderabad Aerotropolis forms JV with ESR to develop logistics park for Rs 550 cr

GMR Hyderabad Aerotropolis, a subsidiary of GMR Hyderabad International Airport, on Thursday said it has formed a joint venture with Warburg Pincus-backed logistics developer e-Shang Redwood (ESR) to develop a logistics and industrial park at an estimated cost of Rs 550 crore.

The joint venture with ESR Hyderabad, a subsidiary under the Hong Kong headquartered ESR Cayman, will develop a 66-acre logistics and industrial park at the Hyderabad airport city with the project having a capital outlay of Rs 550 crore.

ESR and GMR Hyderabad Aerotropolis Ltd (GHAL) have entered into definitive agreement with an equity interest of 70 per cent and 30 per cent, respectively, in the special purpose vehicle 'GMR Logistics Park', GMR said in a statement.

"The JV 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," it said.

The park will provide new .