Macrotech Developers sells 22.3 acre land to Flyjac Logistics near Mumbai for about Rs 80 cr



New Delhi, Jul 29 (PTI) Realty major Macrotech Developers has sold 22.3 acre land at its industrial park near Mumbai to Flyjac Logistics for around Rs 80 crore.

Flyjac Logistics, a subsidiary of Japanese firm Hitachi Transport System Group, has acquired this land parcel at Palava Industrial and Logistic Park to expand its business in India.

In a statement, Macrotech Developers, erstwhile Lodha Developers, said it has signed a deal with 3PL (third-party logistics) provider Flyjac Logistics.

"The agreement will see Flyjac Logistics acquire a 22.3 acres land parcel at Palava Industrial and Logistics Park (PILP)," the company said. Macrotech did not mention the deal value in the statement.

However, sources said that Macrotech has sold this land parcel for around Rs 80 crore.

Macrotech, which achieved a sales bookings of nearly Rs 6,000 crore last fiscal year, sells as well as leases space in its industrial park to enterprises. The company has set a target to clock sales bookings of over Rs 9,000 crore in the current financial year 2021-22.

PILP, spread across 800 acres, is strategically located close to JNPT, upcoming Navi Mumbai International Airport and the industrial hub of Taloja MIDC.

It is part of the 4,500 acre Palava city, an integrated township.

The Japanese multinational has selected PILP to expand their global footprint in India because of state-of-the-art facilities provided by the park.

Founded in 1990, to provide integrated logistics service solutions, Flyjac Logistics merged with Hitachi Transport System Ltd in 2010, becoming one of the largest integrated logistics service providers in India.

Lodha CEO (Townships and Rental Assets) Shaishav Dharia said, "Through partnerships like these, we look to amplify operations and infrastructure of Grade-A logistic parks."

"There is a growing preference among companies to shift to well-connected locations with ready social ecosystems and we will utilise our plethora of resources to help provide unmated business solutions," he added.

The company will have more such partnerships in the near future.

"For Flyjac, this is another giant leap forward, in creating world class multi-purpose logistics centres in all metropolitan cities of India.

"As an integrated logistics solution partner, this state-of-the-art facility will help us in providing flexible, versatile and customised solutions to our customers in western India," said Flyjac Logistics MD and CEO Ravi Kumar.

In this industrial park, it has already completed a one million square feet land parcel deal with FM logistics in April 2021. It also signed deals with Katerra and Swegon.

Mumbai-based Macrotech Developers is one of the largest real estate companies in India with significant presence in Mumbai region and Pune.


The company sells housing projects under the brand ''Lodha''.


Source: https://www-outlookindia-com.cdn.ampproject.org/c/s/www.outlookindia.com/newsscroll/amp/macrotech-developers-sells-223-acre-land-to-flyjac-logistics-near-mumbai-for-about-rs-80-cr/2130566

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