National Highways Logistics Management Ltd (NHLML), an NHAI subsidiary, has agreed to build the Multi Modal Logistics Park (MMLP) near Bengaluru at a cost of Rs 1,770 crore.

According to an official release, the project, which will be constructed using the public-private partnership model, is on track to become the country's first and largest MMLP under the PM Gati Shakti National Master Plan.

The agreement has been signed between Bengaluru MMLP Pvt Ltd -- a government Special Purpose Vehicle (SPV) -- and concessionaire SPV M/s PATH Bengaluru Logistics Park Pvt Ltd.

A government SPV was incorporated between NHLML, Rail Vikas Nigam Ltd and Karnataka Industrial Area Development Board, the statement said.

The MMLP, to be developed in three phases, will be built on an area of 400 acres at Muddalinganahalli in Bengaluru rural district, as per the statement.