Greenbase Industrial and Logistics Parks, a strategic collaboration between the Hiranandani Group and the well-known U.S.-based private equity firm Blackstone Group, is gearing up for a substantial investment of around Rs 15 billion in Chennai. This investment is aimed at bolstering its warehousing portfolio, with a vision to expand it to nearly 640 acres within the next three years.
The expansion strategy entails the addition of substantial land parcels covering 450 acres to complement the existing 2.2-million-square-foot warehousing facilities located in Chennai’s Oragadam district. This dynamic logistics park is 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 has already acquired ownership of approximately 100 acres and is in advanced negotiations to acquire an additional 50 acres in the vicinity of its operational logistics park. Furthermore, efforts are underway to secure an additional 300 acres in strategic locations across Chennai, including Palur.
Hemant Prabhu, the Chief Operating Officer of Greenbase Industrial and Logistics Parks, expressed confidence in the feasibility of expanding the portfolio to 640 acres within Chennai’s real estate market. This ambitious expansion plan is estimated to require an investment of approximately Rs 15 billion over the next three years. The company’s existing logistics park, spanning 190 acres, is currently in the process of developing an additional 1.3 million square feet of infrastructure.