Hiranandani’s Greenbase to Expand Industrial and Logistics Parks in Chennai with New ₹700 Crore Investment
Greenbase Industrial and Logistics Parks, a joint venture between Hiranandani Group and US-based Blackstone Group, is set to acquire 211 acres of land in Chennai’s Oragadam area and North Chennai. This will bring their total landholding in the city to 391 acres. The company plans to invest over ₹700 crore in the current financial year to develop these new lands into industrial parks, adding 7.5 million sq ft of space. This expansion will increase their Chennai portfolio to 11 million sq ft.
Greenbase has already operationalized its first industrial and logistics park in Chennai, covering 135 acres in Oragadam, generating an annual rental revenue of ₹150-200 crore. The two new land parcels being acquired are near this existing park.
According to N Shridhar, CEO of Greenbase Industrial and Logistics Parks, the company has delivered 3.5 million sq ft of built-to-suit space in Oragadam, catering to clients from various sectors including e-commerce, electronics, and manufacturing. Greenbase aims to deliver nearly 20 million sq ft over the next five years across key markets like Chennai, Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Kolkata, and Nashik.
Chennai accounts for 40% of the company’s overall growth portfolio, driven by factors such as skilled talent, favorable industrial policies, and strong demand for high-quality assets from multinational companies. The expansion in Chennai is expected to create around 1,000 jobs, boosting the local economy.
Greenbase is optimistic about India’s logistics infrastructure sector, spurred by geopolitical shifts, the China-plus-one strategy, the Production Linked Incentive (PLI) scheme, and the Make in India initiative. Oragadam, a rapidly growing area in Southwest Chennai, is becoming a key hub for residential, commercial, and industrial development due to its strategic location and strong infrastructure.
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