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 Energy

17 Dec 2025

Vedanta Aluminium Uses 1.57 bn Units of Green Energy in FY25

Vedanta Aluminium, India’s largest aluminium producer, recently reported consumption of 1.57 billion units of renewable energy in FY25, marking a significant milestone in its 2030 decarbonisation roadmap. The company also achieved an 8.96 per cent reduction in greenhouse gas (GHG) emissions intensity compared to FY21, reinforcing its leadership in India’s low-carbon manufacturing transition. During FY25, Vedanta Aluminium expanded its renewable energy portfolio through long-term power purchase agreements, strengthening its strategy to source nearly 1,500 MW of renewable power over the lon..

Real Estate

17 Dec 2025

Oberoi Group to Develop Luxury Resort at Makaibari Tea Estate

EIH Limited, the flagship company of The Oberoi Group, has announced the signing of a management agreement to develop an Oberoi luxury resort at the iconic Makaibari Tea Estate in Darjeeling. The project marks a key milestone in the Group’s long-term strategy of creating distinctive hospitality experiences in rare and environmentally significant locations. Established in 1859, Makaibari is one of the world’s oldest tea estates and is globally recognised for its Himalayan landscape, primary forests and exceptional biodiversity. Spread across 1,236 acres, the estate houses one of the world�..

Real Estate

17 Dec 2025

GHV Infra Secures Rs 1.09 Bn EPC Order in Jamshedpur

GHV Infra Projects Ltd, a fast-growing EPC company in India’s infrastructure and construction sector, has recently secured a Rs 1.09 billion work order in Jamshedpur, Jharkhand. Awarded by a reputed group entity, the contract covers end-to-end civil construction, mechanical, electrical and plumbing (MEP) systems, along with high-quality finishing works for a large building development. The project will be executed over a 30-month period, with defined benchmarks for quality, safety and timely delivery. The order strengthens GHV Infra’s footprint in Jamshedpur, a key industrial hub known fo..