A Memorandum of Understanding (MoU) was signed at the Tamil Nadu Global Investment Meet 2024 between the Tamil Nadu government and Greenbase, a wholly-owned subsidiary of the Hiranandani Group. The agreement was signed in the presence of the Chief Minister of Tamil Nadu, the Minister for Industries, Mr. N Shridhar, the CEO of Greenbase, and Mr. Vishnu V, IAS, Managing Director of TN Guidance.
The business is optimistic that expanding its investments in Chennai and its surrounding areas, including Oragadam, which is well-suited for industrial and logistics parks, will yield profitable outcomes.
A joint venture between Greenbase’s PAN India platform and global private equity firm Blackstone Group Inc. is set to revolutionize the industrial, logistics, and storage sectors in India. The partnership plans to develop a massive 15 million square feet of space across six cities – Bengaluru, Kolkata, Nashik, Pune, Chennai, and Mumbai – over the next five years.
In a significant development, Greenbase has signed a Memorandum of Understanding (MoU) with the Tamil Nadu government, which will encourage the company to invest an additional INR 500 crore in the growth of its industrial and logistics park. This move is expected to have a multiplier effect, creating thousands of direct and indirect jobs in the warehousing industry.
With this new investment, Greenbase is expected to invest a total of INR 1200 crores in its Chennai footprint.
Furthermore, Darshan Hiranandani emphasized that our high level of optimism regarding the growth of India’s logistics industry is largely due to the extensive multi-modal infrastructure projects that are improving last-mile connectivity and reducing lead times in the supply chain. The need for industrial and logistics parks throughout India will increase as a result of various factors, including the National Logistics strategy, the China Plus One strategy, product-linked incentive programs, accelerated regulatory processes, ease of doing business, and the geopolitical shift toward Made in India. With the aid of growth-promoting laws and government assistance, the logistics industry might fulfill PMO’s Atmanirbhar Bharat goal.”
Greenbase already owns a 110-acre land bank in Chennai-Oragadam. After two million square feet of development, prestigious businesses in the automotive, electronics, engineering, and renewable energy industries now call these areas home.
