Hiranandani Group and US private equity firm Blackstone Group’s joint venture GreenBase has entered into an agreement with the government of Tamil Nadu to invest Rs. 750 crore to develop an industrial & logistics park at Oragadam in Chennai.
The industrial & logistics park in Oragadam’s Vadakkupattu locality envisages development of 2.8 million sq ft of built up area for companies looking to set up manufacturing and logistics units. The park will be set up on 115 acre and will be part of an over 400-acre mixed-use township project Hiranandani Parks.
“As India aims to be a $5 trillion economy by 2025, the logistic sector has an important role to play in connecting producers with consumers…Such projects and investment will result in multiple direct & indirect job opportunities for the workforce,” said Niranjan Hiranandani, Managing Director, Hiranandani Group.
The Tamil Nadu government will extend support in the form of necessary infrastructural support, regulatory permissions and registrations subject to the applicable laws. It will also encourage single window clearance to expedite the approval process in. It has also commissioned an additional power station within the GreenBase Industrial park helping reduce utility costs for last-mile connectivity.
“Our goals are aligned with the vision of the government of Tamil Nadu, to foster investment and employment towards garnering better economic growth in the region. Additionally, subject to eligibility, standard incentives as per the Tamil Nadu Industrial Policy, 2014 will be made available to companies who set up manufacturing units at GreenBase Industrial & Logistics Park,” said Hemant Prabhu Keluskar, Chief Operating Officer, GreenBase.
GreenBase has already inked a deal to build a wind-turbine park and warehousing set-up for the wind turbine manufacturing multinational Vestas India in this park. The built-to-suit development is spread over half a million sq ft at the park and is close to completion.
Vestas India has already started setting up an assembly and warehousing facility, which will be spread over 23 acres at the park and will be eligible for fiscal benefits being offered by the government of Tamil Nadu.
GreenBase has over 700 acres of seed land bank across Chennai, Pune, Nashik, Mumbai, and Durgapur. While the venture is on course to deliver nearly 12 million sq ft in the next 3-5 years, it also has expansion plans in place to enter into other tier 1 and tier 2 markets.
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