Real Estate

Hiranandani’s GreenBase to invest ₹1,200 cr in leasable industrial space near Chennai

Our Bureau Chennai | Updated on September 12, 2019 Published on September 12, 2019

The Hiranandani Group is lining up investments to create industrial and warehousing space. Representative image   -  The Hindu

GreenBase, the newly established industrial and logistics parks business vertical of Hiranandani Group, said it will invest about ₹1,200 crore at Oragadam near Chennai over the next three years to create fully-built industrial space that will be available on lease.

The Hiranandani Group is lining up investments to create industrial and warehousing space of more than 12 million sq ft in the next 5-7 years spread over 700 acres across the country.

“The group will become a well-diversified player by December 2020 as our new businesses — industrial & logistics parks, data centres and oil and gas — are strategic growth areas for the future along with the real estate business, which will also see significant growth,” said Niranjan Hiranandani, co-founder and MD, Hiranandani Group.

First client

GreenBase on Thursday secured its first client after it signed a deal with the leading wind turbine manufacturer Vestas. Under the agreement, GreenBase will create a wind turbine park and warehousing space of more than half a million sq ft on a 23-acre plot at the industrial logistics park located within Hiranandani Parks, Oragadam.

GreenBase is expected to invest ₹750 crore in developing the infrastructure for Vestas, which plans to have an assembly and warehousing facility and that will generate jobs for 600 people.

The Hiranandani Group has set aside 115 acres for the industrial and logistics park out of its 430 acres at Oragadam.

“While Vestas is our first customer at Oragadam industrial and logistics park, we are in discussion with more companies for the remaining space. Overall, we hope to invest ₹1,200 crore in the next three years for creating built-up space of 3.5 million sq ft on the entire 115-acre area. This has the potential to create 3,000 jobs directly and indirectly,” said N Sridhar, Group Director and CEO-Infrastructure (Industrial and logistics), Hiranandani Group.

“Apart from our land bank measuring over 500 acres, we are in the process of acquiring new land banks, either directly or through partnerships/JVs pan-India for the GreenBase platform,” he said.

GreenBase is executing its projects across Pune, Nashik, Bhiwandi, Durgapur, Kolkata and Bengaluru.

The operating model of industrial and logistics parks by GreenBase includes built-to-suit industrial facilities, cold storage, built-to-suit warehouses for end customers as well for large 3PL players. It also offers end-to-end solution, which would include land acquisition, master planning, optimising design and project management.

Published on September 12, 2019
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