Hiranandani, Blackstone Group JV to invest Rs 3k cr

22 Jan 2022 CW Team

The joint venture (JV) firm of Hiranandani Group and Blackstone Group, GreenBase, to invest Rs 3,000 crore to develop industrial, logistics and warehousing parks across major cities in India.

The JV group plans to expand its portfolio by at least 15 million sq ft to over 20 million sq ft in the next five years. The company targets a Rs 5,500-6,000 crore valuation for its portfolio after the proposed expansion is completed.

The CEO of GreenBase, N Shridhar, told the media that the Indian logistics sector shows promising and high economic activity.

He said that the JV is considering listing industrial and logistics portfolios through a Real Estate Investment Trust (REIT) in India or overseas.

GreenBase will be financing the investment through an equity of Rs 1,000 crore and balance with leverage. Its total leverage level is around 25-30% of its capital.

In 2019, Blackstone Group entered into a 50:50 JV with Hiranandani Group to build, own and operate industrial logistics and warehousing in India.

With more than 600-acre land banks across Mumbai Metropolitan Region (MMR), Pune, Chennai, Nashik and Kolkata, the JVs have made rapid strides. It has a 2 million sq ft operational industrial and logistics park in Chennai and a 2.5 million sq ft under development in Pune and Nashik.

GreenBase is in discussion to acquire land parcels of over 265 acres in MMR, Bangalore and Kolkata. From the total area, 65 acres in MMR is in the final phase, and deals for 100 acres in Kolkata and Bangalore are in the advanced stages of discussion.

The land parcels are under acquisition with a total development area of over 6 million sq ft.

The company signed a deal with the Tamil Nadu government to develop an industrial and logistics park at Oragadam in Chennai. It has envisaged the development of a 2.8 million sq ft built-up area for companies to set up manufacturing and logistics facilities. The park will be set up on 115 acres of land and will be a part of over 400 acres of the mixed-use township, Hiranandani Parks.

In 2021, Hiranandani Group signed a deal with the West Bengal government to develop a logistics and hyper-scale data centre park on 100 acres of land in Uttarpara, Kolkata.

Image Source

Also read: Blackstone plans $7.1 bn IPO for Building Materials Europe BV

Also read: Blackstone sells 57 mn units in Embassy Office Parks REIT

The joint venture (JV) firm of Hiranandani Group and Blackstone Group, GreenBase, to invest Rs 3,000 crore to develop industrial, logistics and warehousing parks across major cities in India. The JV group plans to expand its portfolio by at least 15 million sq ft to over 20 million sq ft in the next five years. The company targets a Rs 5,500-6,000 crore valuation for its portfolio after the proposed expansion is completed. The CEO of GreenBase, N Shridhar, told the media that the Indian logistics sector shows promising and high economic activity. He said that the JV is considering listing industrial and logistics portfolios through a Real Estate Investment Trust (REIT) in India or overseas. GreenBase will be financing the investment through an equity of Rs 1,000 crore and balance with leverage. Its total leverage level is around 25-30% of its capital. In 2019, Blackstone Group entered into a 50:50 JV with Hiranandani Group to build, own and operate industrial logistics and warehousing in India. With more than 600-acre land banks across Mumbai Metropolitan Region (MMR), Pune, Chennai, Nashik and Kolkata, the JVs have made rapid strides. It has a 2 million sq ft operational industrial and logistics park in Chennai and a 2.5 million sq ft under development in Pune and Nashik. GreenBase is in discussion to acquire land parcels of over 265 acres in MMR, Bangalore and Kolkata. From the total area, 65 acres in MMR is in the final phase, and deals for 100 acres in Kolkata and Bangalore are in the advanced stages of discussion. The land parcels are under acquisition with a total development area of over 6 million sq ft. The company signed a deal with the Tamil Nadu government to develop an industrial and logistics park at Oragadam in Chennai. It has envisaged the development of a 2.8 million sq ft built-up area for companies to set up manufacturing and logistics facilities. The park will be set up on 115 acres of land and will be a part of over 400 acres of the mixed-use township, Hiranandani Parks. In 2021, Hiranandani Group signed a deal with the West Bengal government to develop a logistics and hyper-scale data centre park on 100 acres of land in Uttarpara, Kolkata. Image Source Also read: Blackstone plans $7.1 bn IPO for Building Materials Europe BV Also read: Blackstone sells 57 mn units in Embassy Office Parks REIT

Infrastructure Transport

11 May 2026

Shivraj Chouhan Launches PMGSY IV and Announces Package for Madhya Pradesh

Union Minister Shivraj Singh Chouhan launched the Pradhan Mantri Gram Sadak Yojana (PMGSY) IV at Bhairunda in Sehore district during the 25 year celebrations and announced a development package for Madhya Pradesh. The programme was organised by the Union Ministry of Rural Development and attended by Chief Minister Dr Mohan Yadav, ministers of state, state ministers, legislators and senior officials from the centre and the state. The minister said the central government under the Prime Minister is committed to strengthening rural livelihoods through improved connectivity, housing and women's in..

Infrastructure Urban

11 May 2026

DMR Engineering Reports FY 25-26 Financial Results

DMR Engineering reported its half year results for the financial year ended 31 March 2026 and published full year figures on a standalone basis. Standalone revenue from operations decreased by 2.01 per cent year-over-year to Rs 102.58 million (mn), while profit after tax declined by 43.94 per cent to nine point five six mn, leaving a profit after tax margin of nine point zero five per cent. Earnings per share stood at Rs zero point nine two, a fall of 44.71 per cent year-over-year. The company attributed part of the decline to one-off provisioning for bad debts and additional financing charges..

Infrastructure Urban

11 May 2026

Atlanta Electricals Posts Strong FY26 Growth And Debt Free Finish

Atlanta Electricals reported audited consolidated results for the quarter and year ended 31 March 2026. The company recorded significant year-on-year revenue growth driven by capacity ramp-up at new facilities and higher utilisation at legacy plants. The announcement summarised operating improvements and strategic milestones achieved during the year. For Q4 the company reported revenue of Rs 7.48 bn and for FY26 revenue of Rs 18.52 bn, representing robust growth versus the prior year. EBITDA in Q4 was Rs. 1.49 bn and Rs. 3.44 bn for the full year, with margins expanding to 20 per cent in the q..