FM Logistic India's realty arm Batilogistic has purchased 30 acres of land in Mumbai region from Lodha Developers for Rs 106 crore to develop a warehousing project.
Batilogistic and Lodha group have signed a Rs 106-crore deal to develop 30 acres land parcel at Palava Industrial and Logistics Park for FM Logistic India, with a total development potential of around 1 million sq ft of warehousing space.
The park is located at Thane district in Mumbai Metropolitan Region (MMR).
Mumbai-based Lodha Developers, which has now been renamed as Macrotech Developers, is launching its IPO on April 7 to raise up to Rs 2,500 crore.
This deal is part of FM Logistic India's plan to invest USD 150 million in warehousing activities in India announced in 2019.
Batilogistic will undertake the development of this land parcel in phases over the next 3-4 years. This development is part of the 290 acre Palava Industrial and Logistics Park that also includes a joint venture between ESR and Lodha.
Commenting on the deal, Alexandre Amine Soufiani, MD - FM Logistic India, said, "We are committed to providing our customers with high value and high efficiency Grade A warehousing infrastructure." Globally, he said, FM Logistic, in collaboration with Batilogistic, is a pioneer in developing and maintaining Grade A warehousing facilities that provide cutting edge supply chain technologies to customers.
"Through our association with the Lodha Group we will gain significant presence to service the neighbouring industrial areas of Thane, Navi Mumbai and Kalyan," he said.
Shaishav Dharia, CEO, Townships and Rental Assets, Lodha, said, it look forward to enhance the infrastructure and ecosystem for logistics and industrial set-ups in the region.
"Our association will go a long way towards achieving our vision of developing an industrial city and enhancing the economy and jobs at Palava," he said.
Palava Industrial and Logistics Park is now emerging as a hub in the Mumbai region driven by its high quality infrastructure, well planned parks and proximity to Navi Mumbai, JNPT port and upcoming international airport.
FM Logistic in India is one of the key 3PL (Third Party Logistic) companies. It has presence over 90+ locations and manages over 6 million square feet of warehousing space.
Pune-based FM Logistic India, which is part of French firm FM Logistic, provides warehousing and distribution logistics services for the FMCG, retail, automotive, e-commerce, engineering, telecom, pharma and other sectors. Batilogistic is a real estate player in the service of logistics. It has expertise in the construction and maintenance of Grade A warehouses.