BusinessWire India
Chennai (Tamil Nadu)/ Mumbai (Maharashtra) [India], January 12: Greenbase, a fully owned subsidiary of Dr. Niranjan Hiranandani led Hiranandani Group, has signed a MoU with the Government of Tamil Nadu this week during the Tamil Nadu Global Investment Meet 2024. The MoU was signed by N Shridhar, CEO of Greenbase and Vishnu V, IAS, MD of TN Guidance in the presence of the Chief Minister and the Industrial Minister of Tamil Nadu. The group bets bullish on augmenting its investment in Chennai and its peripheral towns like Oragadam which is favourable for Industrial and Logistic Parks.
Greenbase has a joint venture with global private equity firm Blackstone Group Inc. as its PAN India platform which is committed to build industrial, logistics and warehousing assets. Greenbase Industrial and Logistics Park plans to deliver nearly 15 million sqft of spaces in the next 5 years across diverse markets like Pune, Chennai, Mumbai, Bengaluru, Kolkata, and Nashik.
Speaking on the occasion, Darshan Hiranandani, Chairman and Managing Director for Greenbase Industrial and Logistics Park, said, "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.
Moreover, Darshan Hiranandani emphasized that we are very optimistic about the growth of India's logistics sector because of the mega multi-modal infrastructure projects that are shaping up the last mile connectivity and reducing supply chain time. With a backdrop of geo-political realignment and thrust on Make in India, the demand for Industrial and Logistics Parks across India will be bolstered by factors such as National Logistics Policy, Product-linked incentive schemes, quick approvals, ease of doing business, and the China Plus One policy. PMO's vision of Atmanirbhar Bharat will be realized in the logistics sector through impetus from government and growth-boosting regulations."
At Chennai - Oragadam, Greenbase already has a land bank of 110 acres and development has been completed for 2 million sqft with marquee companies in the renewable energy, automotive, electronics and engineering sectors, having already commenced their operations.
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