Greenbase Industrial & Logistics Park, a joint venture between Niranjan Hiranandani Group and Blackstone, will invest Rs 1,000 crore over the next two years to develop new industrial parks around Chennai.
Of this, Rs 500 crore would be invested at Oragadam on the outskirts of the city to develop two million sq ft of industrial park in an area of 50 acres.
The company has already developed about three million sq ft of industrial park at Oragadam and another one million sq ft is under construction. It is also eyeing to set up similar facilities around the region at Palur and Sriperumbudur.
Niranjan Hiranandani, founder, Hiranandani Group and chairman – Greenbase Industrial & Logistics Park, said the Rs 500 crore is meant for developing infrastructure. “We are looking at Tamil Nadu very seriously in terms of the industrial climate, which is there. We are bullish to invest more in Tamil Nadu,” Hiranandani said. Currently, 12 industrial units are operating at Oragadam.
The Chennai facility is the first and largest among the industrial parks that the company has developed in Karnataka, Maharashtra and Tamil Nadu. Out of its five million sq ft industrial and logistical park, Oragadam accounts for three million sq ft.