Greenbase Industrial and Logistics Parks is a part of the Hiranandani Group.
During the Tamil Nadu Global Investment Meet 2024 this week, GreenBase, a fully owned subsidiary of the Hiranandani Group, led by Dr Niranjan Hiranandani, struck an agreement with the Tamil Nadu government through an MoU. In the presence of Tamil Nadu’s chief minister and industrial minister, Mr N Shridhar, CEO of GreenBase, and Mr Vishnu V, IAS, MD of TN Guidance signed the Memorandum of Understanding. The group is confident that increasing its investments in Chennai and its outlying areas, such as Oragadam, which is conducive to industrial and logistical parks, will provide positive returns.
Building industrial, logistical, and storage assets are the goals of GreenBase’s PAN India platform which is a joint venture with international private equity firm Blackstone Group Inc. In the next five years, GreenBase Industrial and Logistics Park intends to provide around 15 million square feet of space in a variety of markets, including Pune, Chennai, Mumbai, Bengaluru, Kolkata, and Nashik.
Speaking about the MoU, Mr Darshan Hiranandani, Chairman and Managing Director of GreenBase Industrial Parks, stated that ” the inked MOU with the Government of Tamil Nadu will propel GreenBase to further invest INR 500 crore for the expansion of the industrial and logistics park. A multiplier effect will result in thousands of jobs generated in both direct and indirect ways in the warehousing sector. As a result of this additional investment, GreenBase will have invested a total of close to 1200 crores in its Chennai footprint.”
Furthermore, Darshan Hiranandani stressed that “the massive multi-modal infrastructure developments that are improving last-mile connectivity and shortening supply chain lead times are a major reason for our high level of optimism regarding the expansion of India’s logistics industry. The demand for industrial and logistics parks throughout India will be supported by elements like the China Plus One policy, the National Logistics Policy, product-linked incentive schemes, quick approvals, ease of doing business, and the geopolitical realignment and push for Made in India. Government support and growth-promoting laws would enable the logistics sector to fulfil PMO’s goal of Atmanirbhar Bharat.”
Greenbase already has a 110-acre land bank at Chennai – Oragadam, and 2 million square feet of construction has been finished, housing prestigious businesses that have already started operating in the engineering, automotive, electronics, and renewable energy sectors.