Mirae Asset Global’s Indian arm invests in Mumbai Amazon fulfillment center

Mirae Asset Global’s Amazon fulfillment center in Mumbai, India. [Courtesy of Mirae Asset]

Mirae Asset Global Investments said on Wednesday its Indian operation completed a $21 million investment in a large logistics center located in Mumbai spanning nearly 47,000 square meters. The investment marks the asset management company’s second deal in the country after its direct investment of about 21 billion won ($15.8 million) in a logistics center in the Bhiwandi region in January this year that made it the first foreign asset management firm to invest in India.

Mirae Asset Global’s second investment amounts to about 28 billion won and is for a fulfillment center for Amazon, the world’s top e-commerce company. As one of two Amazon fulfillment centers in the Mumbai region, the center is considered a critical logistics hub at the heart of Mumbai, India’s economic capital with a population of over 20 million people.

Bhiwandi is a strategically important logistics hub located on the outskirts of Mumbai and is attracting attention due to its concentration of global corporate logistics centers. With its latest investment, Mirae Asset Global’s total investment size in the Bhiwandi region through its Indian subsidiary is expected to expand to about 75,000 square meters.

“Considering India’s rapid economic growth, the demand for logistics centers be even bigger. We plan to strengthen our presence as a key investor in India’s logistics center market and will continue to show interest in commercial real estate in core central business district areas,” according to an official from Mirae Asset Global Investments’ Indian operation.

Mirae Asset Global Investments India established its presence in the local market in 2006 and launched its first fund in 2008 to mark a full-fledged entry into the Indian market. As of the end of August, the company’s assets under management (AUM) in India has grown to about 2.3 trillion won, making it the 9th largest asset management firm in India within 15 years of operation.

The subsidiary is currently the sole independent foreign-capital asset management firm operating in India. It has been expanding its expertise and business scope beyond fund management and advisory services into various fields.