Singapore-based urban and real estate developer Ascendas-Singbridge has just signed a $600 million deal with Firstspace Realty, based in the south Indian city of Bengaluru, to create 14 million square feet (1.3 million square meters) of industrial warehousing space across six major Indian cities.
"Manufacturing, modern retail and the pharma sector were already driving change in Indian warehousing. GST has just fast-tracked the growth rate in logistics," said Aloke Bhuniya, Chief Executive of Ascendas-Firstspace.
He reckoned that GST has boosted the industry's annual growth rate from 12-15 percent to 20-22 percent, and saw plenty of room for a lot more modernisation.
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