Mirae Asset Global Investments has acquired a logistics centre near Mumbai for $15.9m in an effort to expand its portfolio in India. The acquisition came as demand for logistics centres is surging rapidly due to the fast-paced growth in e-commerce and India's rapid economic growth. The company plans to expand its investment in the logistics business in major Indian hubs, including Mumbai, in the future and is also exploring more investment opportunities in logistics and data centres in major cities across India. Mirae Asset Global Investments, a South Korean asset management company, has made a strategic move to expand its portfolio in one of the world's fastest growing economies, by acquiring a logistics centre near Mumbai. The Indian unit of the company, Mirae Asset Global Investments India, recently purchased a 100% stake in the Bhiwandi logistics centre from Indian company K-Square Park for around $15.9 million.
Bhiwandi has emerged as a key logistics hub for several global companies such as Samsung, Amazon, BMW and
Maersk. This move is significant as it is the first time a local unit of a foreign asset management company has directly
invested in the logistics business in India. The company has stated that this is just the beginning, and they plan to
expand their investment in the logistics business in major Indian hubs, including Mumbai, in the future.
The acquisition came at a time when the demand for logistics centres is surging rapidly in India, due to the fast-paced
growth in e-commerce and the country's rapid economic growth. The asset management company has also pointed out
that the logistics business in India shows high growth potential due to the lack of infrastructure, noting that about 90%
of logistics is handled by small-sized companies.
Mirae Asset Global Investments also revealed that its Indian unit is currently exploring more investment opportunities
in logistics and data centres in major cities across India. The company has not disclosed any further details about these
potential investments.
As of the end of 2022, Mirae Asset's Indian unit has become India's ninth-largest asset manager, with 21 trillion won
($17 billion) in assets under management. This is a dramatic hike from 200 billion won in 2008, when the South
Korean asset management company entered the Indian market. With this acquisition, the company aims to capitalize
on the growing demand for logistics centres in India and expand its presence in the country's asset management
market.
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