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MUMBAI : GMR Hyderabad Aerotropolis Ltd, a subsidiary of GMR Hyderabad lnternationaI Airport Limited, has formed a joint venture with global logistics real estate firm ESR to jointly develop a 66-acre logistics park in Hyderabad for 550 crore.

ESR and GMR have entered into definitive agreements with an equity interest of 70% and 30% respectively in the special purpose vehicle (SPV), namely, GMR Logistics Park Pvt Ltd, both the companies said in a statement.

“This collaboration would set new standards for the warehousing and industrial real estate sector. It would also benefit the burgeoning cargo industry in the region," said Aman Kapoor, chief executive officer (CEO) - airport land development, GMR Group.

Warburg Pincus-backed ESR has been on an expansion spree in India for last 12 months. The company, which kicked off its first logistics and infrastructure park in Pune in November 2018, has inked several partnership deals with prominent real estate and investment firms in the recent past. Last year, it also announced tying up with Future Group to develop two logistics parks with an investment of 300 crore.

"The collaboration (with GMR) reiterates ESR's strategic mission to strengthen our facilities and key positions across the country. This new facility at Hyderabad Airport is our latest investment to support national and global trade to and from Telangana," said Abhijit Malkani, country head, ESR India.

The logistics park would pave the way for Indian and global companies to capitalize on the immense growth opportunities available in the Indian market," he added.

The New-Delhi based group, which operates Delhi and Hyderabad airports apart from other infrastructure businesses in India, has been looking to monetise several non-core assets including land parcels to bring down its mounting debt. It has been looking to bring in strategic partners to develop around 1500 acres in Hyderabad, as it heads for a major land monetisation exercise to pare its debt.

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