Greenbase Industrial and Logistics Parks, a 50:50 joint venture between the Hiranandani Group and US-based private equity giant Blackstone, is set to invest Rs 4,500 crore to expand its industrial park footprint to over 20 million sq ft across India. “We have already invested Rs 2,000 crore to deliver 5.5 million sq ft of built-to-suit industrial space. Our plan is to invest Rs 4,500 crore more to scale up to 20-22 million sq ft across India in next five years,” said Shridhar N, CEO, Greenbase Industrial and Logistics Parks.
Launched in 2018 by real estate tycoon Niranjan Hiranandani in partnership with Blackstone, Greenbase’s first project was in Oragadam in the southwest Chennai, which houses major automotive and ancillary firms such as Renault Nissan Automotive India, Daimler India, and Apollo Tyres. The company currently holds 180 acres of land in Oragadam. On Wednesday, it announced a Rs 1,500 crore investment to acquire an additional 211 acres and fund construction of the total area of 391 acres.
Shridhar noted that the Rs 4,500 crore investment for the pan-India expansion includes the Rs 1,500 crore allocated for Chennai. The company also owns land in Pune, Bhiwandi (Mumbai Metropolitan Region), Nashik, Bengaluru, and Kolkata. Chennai is expected to contribute the largest share of the portfolio at 40% when the company achieves the 20 million sq ft target. He highlighted that Chennai is a high-growth market for the logistics industry due to its strategic proximity to seaports, airports, and its role as an automotive manufacturing hub.
Greenbase serves a broad range of industries including renewable energy, automotive, manufacturing, and electronics. Its clientele features companies like Danish wind turbine maker Vestas, Swiss composite materials manufacturer Gurit, and logistics provider Delhivery.
Unlike traditional logistics companies focused solely on storage, Greenbase specialises in customised, built-to-suit industrial infrastructure tailored to each client’s specific needs.
Shridhar explained that built-to-suit models are less risky than warehouses because leases in the latter are often short term and clients might relocate for better offers. “In built-to-suit industrial spaces, clients invest in their own machinery and equipment, leading to longer lease durations of 7-9 years,” he added.