Greenbase, the industrial and logistics parks platform of the Hiranandani Group, plans to invest around ₹2,000 crore in 2-3 years to develop five million sq ft of industrial and warehousing space in Chennai as part of its second phase of expansion.
t is developing a 55-acre park at Arani, near Red Hills, with about 1.2 million sq ft of space, with an anchor client identified in the renewable energy space. Land acquisition and approvals have been completed and construction is expected to begin shortly, and Greenbase expects to complete the park in about two years, N Shridhar, CEO, Greenbase Industrial & Logistics Park, said.
Greenbase 2.0
Across India, its Greenbase 2.0 programme envisages developing around 9-10 million sq ft at a total investment of ₹3,400 crore, of which about five million sq ft is already blocked and under development, while the balance is under acquisition, said Shiridhar, adding 50-60 per cent of the development is in Chennai. The company plans to develop and deliver about 9.5 million sq ft over the next five to six years, he told newspersons on Thursday.
Its overall plan covers around 430 acres, of which about 215 acres has already been acquired and is under approvals. Another 140 acres is being acquired across three locations near Chennai, while around 100 acres is being pursued in Maharashtra, he said.
Greenbase is also evaluating Coimbatore, Thoothukudi and Hosur for development in Tamil Nadu, he said.
Greenbase 1.0 was developed in joint venture with private equity firm Blackstone Inc. However, Greenbase 2.0 is being developed by the Hiranandani Group.
The expansion is being driven by rising demand for industrial and warehousing space from manufacturing companies, renewable energy businesses, automotive and auto-component makers, electronics manufacturers, electric vehicle and battery companies, and industrial and infrastructure technology firms.
Expanding opportunities
The Arani project, which is nearly 30 km from the Katuppali port in North Chennai, is expected to cater to industrial and manufacturing clients, with the company already in discussions with customers in the renewable energy and recycling sectors.
Greenbase 1.0 was developed in joint venture with private equity firm Blackstone Inc. However, Greenbase 2.0 is being developed by the Hiranandani Group.
The expansion is being driven by rising demand for industrial and warehousing space from manufacturing companies, renewable energy businesses, automotive and auto-component makers, electronics manufacturers, electric vehicle and battery companies, and industrial and infrastructure technology firms.
Expanding opportunities
The Arani project, which is nearly 30 km from the Katuppali port in North Chennai, is expected to cater to industrial and manufacturing clients, with the company already in discussions with customers in the renewable energy and recycling sectors.
Another 160-acre park at Palur is also under development, with the first phase targeted for completion within two years. These projects form part of Greenbase’s wider Tamil Nadu expansion, alongside locations under evaluation or acquisition.
Greenbase also sees opportunities emerging from semiconductor ancillary industries, industrial automation, defence electronics, EV technologies, and other emerging segments.The company said the shift towards Grade-A industrial and warehousing facilities is also strengthening demand. International and large domestic occupiers are increasingly seeking facilities that meet fire-safety, compliance and other operational standards.
