HK's ESR partners Future Group India to develop $42 mln logistics parks

e-Shang Redwood (ESR), a Hong Kong (HK)-based logistics real estate firm, has teamed up with Indan procurement to retail company Future Group to develop two logistics parks.

To be located at Nagpur and Gurugram, the logistics parks will be jointly developed by Future Group’s Future Market Networks Ltd. and ESR, with the latter as the majority partner.

With a total investment of 300 crore rupees ($42 million), the two industrial and warehousing parks will span 75 acres, with a potential development of around 1.3 million square feet.

The partnership is expected to strengthen ESR's presence in India to six cities and also allow it to expand further in several newer geographies in the next one to two years.