Hiranandani Subsidiary GreenBase Signs Industrial & Warehousing Deal with Vestas India

September 2019
Hiranandani Subsidiary GreenBase Signs Industrial & Warehousing Deal with Vestas India

GreenBase, a fully owned subsidiary of India’s leading real estate conglomerate, Hiranandani Group, will create a wind turbine park and warehousing set-up for Vestas India, the leading wind turbine manufacturing multinational, at Oragadam, Chennai. The development will be spread over half a million sq. ft.

The ground breaking ceremony for the ‘built to suit’ set-up took place on September 12 at the Industrial and Logistics Park, located within Hiranandani Parks, Oragadam on Chennai’s outskirts.

The newly established vertical of the Hiranandani Group seeks to build industrial and logistics parks that are more customer-centric and offer optimisation and efficiency to the end user.

At Oragadam, GreenBase is creating and facilitating an industrial and logistics park of global standards.

Vestas India is setting up an assembly and warehousing facility, which will be spread over 23 acres at the Industrial and Logistics Park. The project by Vestas will result in creation of new jobs as also business opportunities for allied and ancillary industrial units, and will give a big fillip to development of the industrial and manufacturing sector in Oragadam, claimed Dr. Niranjan Hiranandani, co-founder and Managing Director, Hiranandani Group.

“The Indian Government has also granted infrastructure status to the logistic industry, making it an even more positive situation. These are favorable reasons, which provide an impetus to diversify and foray into the industrial and logistics sector,” he added.

The group has allocated 115 acres for the Industrial and Logistics Park out of 430 acres of the mixed used integrated township.

“Hiranandani Group’s intrinsic strength in infrastructure development and township development gives Green Base natural advantage over competition, to build and deliver world-class Industrial and Logistics Parks. Apart from our land bank measuring over 500 acres, we are in the process of acquiring new land banks, either directly or through partnerships or JVs across India for the Green Base platform,” said N Shridhar, Group Director & CEO, Infrastructure.

“Our on-going projects as also ‘planning in progress’ are located across Pune, Oragadam in Chennai, Nashik, Bhiwandi, Durgapur, Kolkata and Bengaluru. We are targeting close to 12 million sq. ft. over the next five to seven years. This portfolio is a good yield asset class, which most probably will be available for retail participation through a REIT or InvIT platform,” he added.

The operating model of industrial and logistics parks by GreenBase include Built-to-suit industrial facilities, cold storage, built to suit warehouses for end customers as well for large 3PL players. For businesses that opt for ‘plug and play’ operations, and need warehousing and logistics solutions, GreenBase will offer larger space options It will also play the role of a partner, assisting the customer with an end-to-end solution, which would include land acquisition, master planning, optimising design as also build to suit and a project management consultant.