GreenBase, a joint venture between the realty major Hiranandani Group and US-based private equity firm Blackstone Group announced its plans to invest over Rs 3,000 crore to develop industrial, logistics, and warehousing parks across key cities in India. The joint platform is looking to build and expand its portfolio by at least 15 million sq ft, taking it to more than 20 million sq ft in the next five years. The company is targeting a valuation of between Rs 5,500 crore and Rs 6,000 crore for its portfolio once the proposed expansion is completed.
GreenBase plans on financing the proposed investment through equity worth Rs 1,000 crore and the balance with leverage. The company’s current leverage level stands at around 25-30% of its existing capital. With over 600 acre of the land bank across MMR, Pune, Nashik, Chennai, and Kolkata, the 50:50 joint venture between Blackstone Group and Hiranandani Group has made rapid strides. It has a 2 million sq ft operational industrial and logistics park in Chennai and has a 2.5 million sq ft under development in Pune and Nashik.
GreenBase in October 2020 join hands with the government of Tamil Nadu to develop an industrial and logistics park at Oragadam in Chennai. The industrial and logistics park in Oragadam’s Vadakkupattu locality envisages the development of 2.8 million sq ft of built-up area for companies looking to set up manufacturing and logistics units. To be set up on 115 acre, the park will be part of an over 400-acre mixed-use township project, Hiranandani Parks.
Last year, the Hiranandani Group also inked an agreement with the government of West Bengal to set up a logistics and hyper-scale data center park on 100 acres in Kolkata’s Uttarpara locality. Following the implementation of the Goods & Services Tax (GST) and the emergence of e-commerce, the Indian logistics and warehousing sector is headed towards transformative growth.