Blackstone-Hiranandani's Greenbase to Invest Rs 15 bn in Chennai

09 Oct 2023 CW Team

Greenbase Industrial and Logistics Parks, a strategic partnership between the Hiranandani Group and the renowned US-based private equity firm Blackstone Group, is preparing for a significant investment of around Rs 15 billion in Chennai.

The intention behind this investment was to strengthen its warehousing portfolio, with a goal to expand it to nearly 640 acre within the next three years. The company's expansion strategy included adding large land parcels covering 450 acres to complement the existing 2.2-million-sq-ft warehousing facilities situated in Chennai's Oragadam district.

This dynamic logistics park was an integral part of the broader Hiranandani Park, an integrated township sprawling over 380 acres.

Regarding the planned 450-acre expansion, Greenbase Industrial and Logistics Parks had already acquired ownership of almost 100 acres and was in advanced negotiations to acquire an additional 50 acres in the vicinity of its operational logistics park.

Additionally, efforts were underway to secure an extra 300 acre in strategic locations across Chennai, including Palur.

Hemant Prabhu, the Chief Operating Officer of Greenbase Industrial and Logistics Parks, expressed optimism about the feasibility of expanding the portfolio to 640 acres within Chennai's real estate market.

This ambitious expansion plan was estimated to require an investment of approximately Rs 15 billion over the next three years.

The company's existing logistics park, spanning 190 acre, was currently in the process of developing an additional 1.3 million sq ft of infrastructure.

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