SEOUL: Mirae Asset Management India Corporation said on Friday that it will invest in a large distribution centre in Mumbai, India.
The logistics business in India has recently been growing, and this is the first time that a global asset management corporation has invested in India directly.
The distribution centre, in which Mirae Asset Management will invest about 21 billion won, is a 28,000m^2 centre completed in 2022 in Bewandi, a logistics hub in Mumbai, India.
Bewandi has a geopolitical advantage that connects Mumbai with other major cities, and currently has logistics centres for various global conglomerates such as Samsung, Amazon, BMW and Maersk.
Mirae Asset Management will lease the distribution centre to Rhenus, Germany’s logistics company. Rhenus is a large logistics firm with more than 30 distribution centres in India.
Starting with the investment, Mirae Asset Management plans to expand its investment in India’s logistics hubs such as Mumbai.
According to India’s national investment promotion and facilitation agency lnvest India, demand for distribution centres in India is significantly increasing due to the rapid growth of the e-commerce market and high economic growth.
As more than 90 per cent of India’s distribution centres are being operated by small and medium-sized companies, the demand for infrastructure is expected to further grow.
Mirae Asset Management established a local corporation in India in 2006. (ANI/Global Economic)