Hong Kongese logistics real estate developer ESR Cayman Ltd. plans to purchase warehousing projects in India in a 320 crore rupees ($46.4 million) deal.

ESR is making its first investment in India with the acquisition of two warehousing projects from Future Market Networks (FMNL).

Under the transaction, Future Market Networks will first divest a 51 percent stake in two warehouses in Jhajjar, Haryana, and Nagpur, Maharashtra, spanning 1.3 million square feet to ESR.

Furthermore, FMNL will also sell the remaining 49 percent stake upon completion of the warehouses. The company expects to close on the entire sale by October 2020.