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Seoul [South Korea]Jan 9 (ANI/Global Economics): India’s Mirae Asset Management said on Friday it will invest in a large distribution center in Mumbai, India.
The logistics business in India has developed rapidly recently, and this is also the first time for a global asset management company to invest directly in India.
The distribution center that Mirae Asset Management will invest about 21 billion won is a 28,000m^2 center that will be completed in 2022 at Bewandi, a logistics center in Mumbai, India.
Bewandi has the geopolitical advantage of connecting Mumbai with other major cities and currently owns the logistics centers of major global companies such as Samsung, Amazon, BMW and Maersk.
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Mirae Asset Management will lease the distribution center to German logistics company Rhenus. Rhenus is a large logistics company with more than 30 distribution centers in India.
Starting with this investment, Mirae Asset Management plans to expand its investment in Indian logistics centers such as Mumbai.
According to lnvest India, India’s national investment promotion and facilitation agency, the demand for distribution centers in India is increasing significantly due to the rapid growth of the e-commerce market and high economic growth.
As more than 90% of distribution centers in India are operated by small and medium companies, the demand for infrastructure is expected to grow further.
Mirae Asset Management established a local subsidiary in India in 2006. (ANI/Global Economics)
(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)
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