The MoU Signing
Greenbase, a fully owned subsidiary of the Hiranandani Group led by Dr. Niranjan Hiranandani, has signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu during the Tamil Nadu Global Investment Meet 2024. The MoU was signed by Mr. N Shridhar, CEO of Greenbase, and Mr. Vishnu V, IAS, MD of TN Guidance, in the presence of the Chief Minister and the Industrial Minister of Tamil Nadu.
The Investment Plan
The group is bullish on augmenting its investment in Chennai and its peripheral towns like Oragadam, which are favorable for Industrial and Logistic Parks. Greenbase has a joint venture with the global private equity firm Blackstone Group Inc. as its PAN India platform, which is committed to building industrial, logistics, and warehousing assets.
Future Prospects
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. Mr. Darshan Hiranandani, Chairman and Managing Director for Greenbase Industrial and Logistics Park, emphasized that they 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.
The Impact
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. This additional investment 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.
Current Status
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.
The Bigger Picture
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.
