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Greenbase Industrial and Logistics Parks, a joint venture between Hiranandani Group and Blackstone, is set to invest INR 4,500 crore to expand its operations across India, targeting over 20 million square feet of industrial space within five years. Currently, Greenbase has invested INR 2,000 crore, delivering 5.5 million square feet of built-to-suit spaces. A significant portion of the new investment, INR 1,500 crore, will be directed towards expanding their Oragadam project near Chennai, which is expected to contribute 40% of their portfolio. Greenbase's focus on customised industrial infrastructure positions it as a key player in India's growing logistics sector.
Greenbase Industrial and Logistics Parks, a joint venture between the Hiranandani Group and Blackstone, is set to invest INR 4,500 crore to expand its industrial park operations across India. This investment aims to increase their industrial footprint to over 20 million square feet over the next five years. Currently, Greenbase has already invested INR 2,000 crore, delivering approximately 5.5 million square feet of built-to-suit industrial spaces. Advertisement
Launched in 2018, Greenbase's initial project was located in Oragadam, near Chennai, which has been a key area for major automotive and ancillary companies, including Renault Nissan Automotive India and Daimler India. Recently, Greenbase announced an investment of INR 1,500 crore to acquire an additional 211 acres in Oragadam, boosting its total land area to 391 acres. CEO Shridhar N pointed out that Chennai is expected to contribute about 40% of their total portfolio when they reach their 20 million square feet goal, highlighting the city's rapid growth in the logistics sector.
Chennai's location near seaports and airports, along with its status as an automotive manufacturing hub, makes it an ideal choice for Greenbase's expansion. The company has also secured land in other major cities such as Pune, Bhiwandi, Nashik, Bengaluru, and Kolkata, indicating a balanced growth strategy across several key markets in India.
Greenbase stands out from traditional logistics companies by specialising in customised, built-to-suit industrial infrastructure. This model allows them to better meet the specific needs of their clients, including companies involved in renewable energy, manufacturing, and electronics. Notable clients include Vestas, a Danish wind turbine maker, and Delhivery, a major logistics provider.
The built-to-suit model offers reduced risks compared to standard warehouse leases, which often come with shorter terms. Shridhar explained that clients who occupy built-to-suit spaces tend to invest in their machinery and equipment, leading to longer lease durations of 7 to 9 years. This stability is beneficial not only for Greenbase but also for clients looking for long-term industrial solutions.
Overall, Greenbase's significant investment reflects the ongoing growth of the logistics sector in India, driven by a rising demand for customised infrastructure. With plans to diversify its projects and clients, Greenbase is well-positioned to play a leading role in the country's industrial landscape in the coming years. As the nation prepares for increased economic activity and investment, partnerships like that of Greenbase and Blackstone could pave the way for a new era of logistics and industrial development in India.
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