The leading asset management company in South Korea, Mirae Asset G.I. (Global Investment) has recently acquired a logistics centre in Bhiwandi near Mumbai in the latest move to expand its portfolio in one of the world’s fastest-growing economies. The Indian division of this firm, Mirae Asset Global Investment India acquired a 100% stake in the logistics hub in Bhiwandi, an industrial town on the outskirts of Mumbai. The acquisition was completed earlier this month from the Indian company K-Square Park for about $15.9 million.
According to the reports, the Indian unit of this firm has leased the 300,000 sq ft logistics centre to German logistics giant Rhenus, which was built last year. Bhiwandi has emerged as a major logistics hub for multinational companies, such as Amazon, Maersk, BMW, and Samsung. India’s logistics business has been growing recently, it is the first time a local unit of a foreign asset management company has invested in India’s logistics business directly.
The Indian unit of Mirae asset management has leased the 300,000 sq ft logistics centre to German logistics giant Rhenus
With this investment, Mirae Asset Global Investments will expand its investment in the logistics business in major Indian centres, including Mumbai. The move came as the need and demand for the logistics centre is rising rapidly due to the fast-paced growth in the e-commerce market and the nation’s rapid economic growth. The asset management company said that India has a high growth potential in the logistics business due to the lack of infrastructure. It noted that small-sized companies handle about 90% of logistics.
Mirae Asset Global Investment’s Indian unit is looking for more investment opportunities in logistics data centres in India’s major cities, as its Indian unit is currently looking for candidate assets. More details are withheld by the company.
As of the end of 2022, Mirae Asset G.I. Indian unit had become the 9th largest asset manager in India, with 21 trillion won in assets under management, a dramatic increase from 200 billion won in 2008 when the S. Korea’s asset management company entered the Indian market.
Bhiwandi has emerged as a major logistics hub for multinational companies
About Mirae Asset Management Company:
Mirae asset management company is South Korea’s leading asset management company. It provides financial services including wealth management, asset management, life insurance, and investment banking. This financial group has headquartered in Seoul, South Korea.