FM Logistic acquires 30-acre land near Mumbai from Lodha for ₹106 cr

April 9, 2021: FM Logistic India's realty arm Batilogistic and Lodha group have signed a ₹106-crore deal to develop 30 acres land parcel at Palava Industrial and Logistics Park in Mumbai Region for FM Logistic India, with a total development potential of around 1 million sq ft of warehousing space.

The park is located in the Thane district in Mumbai Metropolitan Region (MMR). Palava Industrial and Logistics Park is now emerging as a hub in the Mumbai region driven by its quality infrastructure, planned parks and proximity to Navi Mumbai, JNPT port and upcoming international airport.

“This deal is part of FM Logistic India's plan to invest $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,” reports Economic Times.

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Mumbai-based Lodha Developers, which has now been renamed as Macrotech Developers, launched its IPO on April 7 to raise up to ₹2,500 crore.

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, “We look forward to enhancing 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 added.