World News | Mirae Asset Management to Invest in Distribution Center in Mumbai, India
Get latest articles and stories on World at LatestLY. 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.
Seoul [South Korea], January 9 (ANI/Global Economic): 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.
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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)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)