HomeDaily NewsThe Economic Times: MR Infra looks to monetise land near Hyderabad airport.

The Economic Times: MR Infra looks to monetise land near Hyderabad airport.

BENGALURU: GMR Infrastructure is looking to monetise land parcels around the Hyderabad international airport, which it owns and operates.

“The company has formed a strategy to develop logistics parks, a commercial centre and a retail hub on the airport city land,” said Aman Kapoor, chief executive of airport land development at GMR Airports.

GMR has 1,400 acres of land around the airport. While the business park is being developed on 800,000 sq ft, the warehouse development will be spread over 3.5 million sq ft and retail will cover 550,000 sq ft.

“The business park is already under development. The next in line is the warehouse hub that will take us two-and-a-half years to develop,” he said. Industry sources said GMR is in talks with several logistics players to form joint ventures for developing the warehouse hub. They include e-Shang Redwood, a developer backed by equity firm Warburg Pincus. Kapoor refused to comment on this topic.

According to Kapoor, the retail hub will be attached to the airport and will be a branded shopping destination for international retail. “This will be the first of its kind in India,” he added.

The Bengaluru-based firm currently has Amazon as one of its big clients on the land near the airport in Hyderabad. GMR’s Hyderabad airport revenue grew 13% in the last fiscal year.

Its revenue from non-aero operations rose 12%. The Hyderabad airport handles 15.2 million travellers annually and is being expanded to accommodate 34 million passengers. GMR is one of the largest infrastructure companies in the country and operates airport in Delhi, Goa and Hyderabad in India. It also has a presence in the Philippines and Greece.