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Global Integrated Logistics Company A.P Moller-Maersk subsidiary Damco India has picked up warehousing space spread overly nearly 2.43 lakh sq ft through a long-term lease of five years in Bhiwandi near Mumbai.
The company will be paying lease rentals of over Rs 5.71 crore in the first year. The agreement includes a clause to escalate the rentals by 4% every 12 months. Out of the total tenure of the lease, the first three years will be a lock-in period for Damco India and the landlord will have a lock-in period of the entire five years.
The company has already paid a security deposit worth over Rs 1.90 crore for the transaction. While the deal was registered in October, the company’s leave and license agreement commencement date is April 18, 2022, as it was provided with dry access to the space with the commitment to ready the related infrastructure.
The company has already announced the launch of this facility in September. In September, A.P.Moller- Maersk inaugurated two new warehouses in Haryana’s Farrrukhnagar and Uttar Pradesh’s Dadri taking its total warehousing footprint to 3.3 mn sq ft spread across more than 20 facilities in India. Of these, the facility at Farrukhnagar is spread over 4.20 lakh sq ft and is connected to the busy manufacturing hub of north India.
With its proximity to the Western Direct Freight Corridor (DFC), Farrukhnagar Warehouse will be a key facility for retail, FMCG, and large E-Commerce customers, the company said in its announcement in September. The Maersk Dadri Warehouse, spread over 1 lakh sq ft is located within the Inland Container Depot (ICD) offering customer-bonded warehousing solutions.
Being at the confluence of Western and Eastern DFC, having a rail head connection, proximity to eight national highways, and Jewar Airport coming up within a 60 km range, this warehouse helps support its customer’s supply chains. The demand for warehousing space has stood out in the last few quarters led by the penetration of e-commerce and growth of third-party logistics in the middle of the ongoing pandemic scenario.
