Mahindra Logistics leases warehouse for 5 years in Bhiwandi

2 Jan 2023 , 01:21 PM

Mahindra Logistics has signed a five-year lease for more than 6,53,000 square feet of warehousing space at Shakti Logistics Park in Bhiwandi, near Mumbai. In the first year, the Mahindra Group company will pay a rent of Rs11.28 crore.

The agreement specifies that the rent will be increased by 4.5% every 12 months.

The company has already paid the property owner, RKJ Shakti Logistics Park LLP, a security deposit equal to three months’ rent in excess of Rs2.82 crore.

While the agreement has already been signed and registered, the effective month for rent payment will be April because the agreement includes a rent-free period of 120 days beginning December 1, 2022.

Mahindra Logistics is a provider of integrated logistics and mobility solutions with a national presence. It serves over 400 corporate clients in industries including automotive, engineering, consumer goods, pharmaceuticals, telecommunications, commodities, and ecommerce.

At around 1.18 PM, Mahindra Logistics was trading at Rs501.35, down by 0.090% against previous close of Rs501.80 on NSE. The counter hit an intraday high and low of Rs504.30 and Rs499 respectively.

For feedback and suggestions, write to us at [e-mail]