Mumbai, Oct 30 (UNI) Tata Realty and Infrastructure, a wholly owned subsidiary of Tata Sons, will develop logistical parks across the country in association with Dubai-based Jafza International.
In a 50:50 joint venture with Jafza international, a sum of Rs 10,000 crore will be spent to develop the logistical parks, across the country, that will be ready by 2012.
These logistical parks will be built on the lines of economic zones of global standards. The parks will be spread across an area of 100 to 300 hectares and will be located near major cities that will provide integrated infrastructural facilities including rail and road network.In the first phase of the project, seven logistical parks will be developed in major locations in the country and land for the same will be acquired privately.
Announcing the formation of the joint venture here, Tata Realty and Infrastructure Chairman R K Krishna Kumar said, ''Guided by a set of common values this JV will share the best international practices through transfer of technology into the country, enabling us to serve the nation better and address the emerging opportunities.'' In the second phase of the project, 20 hubs will be developed.
Jafza International is the international arm of economic zones world which currently manages several major facilities in four countries and has 20 different projects at various stages of development.