N Sridhar, CEO, Greenbase
Chennai: Greenbase, Hiranandani group-backed industrial and warehouse infrastructure venture, plans to develop about five million sqft industrial and logistics park in the outskirts of Chennai with an investment of Rs 2,000 crore. The company said it has completed land acquisition and is developing a 215-acre parcel in key industrial corridors near Oragadam and Gummudipoondin to meet growing demand. The company has about 160 acres in Palur, near Oragadam and 55 acres in Arani, near Gummudipoondi and expects the development to complete in two years. The company targets to develop about 9 million to 10 million sqft of Grade A industrial infrastructure across the country, out of which around 50%- 60% will be Tamil Nadu . The total outlay is around Rs 3,500 crore spread over three to five years. Three more locations in Southern market will cumulatively take up to another 100 acres of development.
Sridhar said apart from macro and structural factors such as Make in India and Oragadam corridor, the company is witnessing demand from companies in high-tech manufacturing and emerging sectors such as battery energy storage systems, electric vehicle, defence and electronics. The project will be financed by a mix of equity and debt. Other projects in Pune and Mumbai (MMRDA/Bhiwandi-Vada region). N Sridhar, CEO, Greenbase the company is identifying opportunities in Coimbatore and Hosur and evaluating in Tutucorin with growing interest from multi-nationals setting up facilities.
The Arani facility is located closer to Gummudipoondi, where large scale battery and energy storage systems and industrial electronics facilities are expected to be established under the union govt’s electronic manufacturing cluster 2.0. Greenbase is joint venture between Hiranandani group and private equity company Blackstone with about 5 million sqft and existing parks at Oragadam, Chennai and Talegaon, Pune. The company calls this second phase Greenbase 2.0 and pursues primarily with its own capital.
He said the company has finalized talks with notable anchor companies, including a few in Gummudipoondi. You Can Also Check: Gold Rate in Chennai | Silver Rate in Chennai | Bank Holidays in Chennai | Public Holidays in Chennai | Chennai AQI | Weather in Chennai | Petrol Price in Chennai | Diesel Price in Chennai | CNG Price in Chennai | LPG Price in Chennai