Mumbai, Jan 9 (PTI) 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 age facilities and amenities to occupiers and help attract investments and employment in the region, it said.

"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," GMR Group CEO Airport Land Development Aman Kapoor said.

Commenting on the partnership, ESR India Country Head Abhijit Malkani said, "This tie-up reiterates our 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."

Being strategically located, this state-of-the-art facility showcasing smart, sustainable and human-centric design will pave the way for Indian and global companies to capitalise on the immense growth opportunities available in the Indian market, he added.

Last June, ESR partnered city-based realty player Lodha Group to develop an industrial park in Thane district at a cost of USD 100 million.

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