Hiranandani-Blackstone JV Greenbase to invest Rs 1,500 cr in Chennai logistic parks
Hiranandani Group and US-based private equity major Blackstone Group, is planning to invest around Rs 1,500 crore to augment its warehousing portfolio in Chennai to nearly 640 acres over the next three years.
The company is planning to add land parcels spread over 450 acres to its delivered and operational 2.2-million-sq-ft warehousing facilities in Chennai’s Oragadam locality. This logistics park is part of an integrated township, Hiranandani Park, spread over 380 acres.
Of the 450-acre planned addition, the company has acquired nearly 100 acres and is in advanced talks to buy an additional 50 acres around the operational logistics park.
It is also looking to buy 300 acres more in other key pockets of Chennai, including Palur.
“We are optimistic about the feasibility of expanding Greenbase Industrial & Logistics Parks portfolio up to 640 acres of development within the Chennai real estate market over the next three years, with an estimated investment of nearly Rs 1,500 crore,” Hemant Prabhu, chief operating officer, Greenbase Industrial & Logistics Parks, told ET.
The company’s existing logistics park is spread over 190 acres and it is currently in the process of developing an additional 1.3 million sq ft here. The platform is looking to develop industrial and logistics parks across key cities in India with Chennai as the centre of this portfolio.
«The Indian logistics sector is expected to grow in double digits to reach $350 billion by 2025, a significant growth trajectory of 10% CAGR.
