New Delhi, Sep 18 : The National Highway Authority of India (NHAI) has signed an agreement for the development of a Multi Modal Logistics Park in Bengaluru under the the public-private partnership (PPP) model with an investment of Rs 1,770 crore, the Ministry of Road Transport and Highways announced on Monday. The Multi Modal Logistics Park (MMLP) is being developed in an area spanning 400 acres at Muddelinganahalli, 58 km from Bengaluru airport and 48 km from Bengaluru city railway station. The NHAI is participating in the project through its 100 per cent subsidiary National Highways Logistics Management Ltd. The agreement has been signed between Government SPV, Bengaluru Multi Modal Logistics Park (MMLP) Pvt. Ltd. & Concessionaire SPV M/s. PATH Bengaluru Logistics Park Pvt. Ltd. The project is poised to become the first and largest MMLP ever implemented in the country under the PM Gati Shakti National Master Plan, according to an official statement. The site is strategically located adjacent to the upcoming KIADB industrial area on the east side, abutting NH 648, Dabbaspet to Hosur as well as Satellite Town Ring Road on the north side and Bengaluru-Hubli-Mumbai rail line on the south. The MMLP will be developed in three phases. The first phase is expected to be completed in two years. MMLP will cater to about 30 million metric tonnes (MMT) cargo by the end of the concession period of 45 years and is expected to give a huge boost to the industrial zones in Bengaluru and Tumkur. A Government SPV has been incorporated between National Highways Logistics Management Ltd., Rail Vikas Nigam Limited and Karnataka Industrial Area Development Board. The development of MMLP is a key initiative of the Government of India to improve the country's freight logistics sector by enabling efficient inter-modal freight movement to lower overall freight costs and time, provide efficient warehousing, improve tracking and traceability of consignments thereby enhancing the efficiency of the Indian logistics sector, the official statement added. /IANS