Greenbase Industrial and Logistics Parks, a strategic partnership between the Hiranandani Group and the renowned US-based private equity firm Blackstone Group, is preparing for a significant investment of around Rs 15 billion in Chennai.

The intention behind this investment was to strengthen the warehousing portfolio, with the aim of expanding it to almost 640 hectares within the next three years. The company's expansion strategy included adding large land plots of 450 hectares to complement the existing 2.2 million m² storage facilities in Chennai's Oragadam district.

This dynamic logistics park was an integral part of the wider Hiranandani Park, an integrated township of more than 380 hectares.

With respect to the planned 450-hectare expansion, Greenbase Industrial and Logistics Parks had already acquired ownership of nearly 100 hectares and was in advanced negotiations to acquire another 50 hectares near its operational logistics park.

In addition, efforts were underway to secure an additional 300 hectares at strategic locations in Chennai, including Palur.

Hemant Prabhu, the Chief Operating Officer of Greenbase Industrial and Logistics Parks, expressed optimism about the feasibility of expanding the portfolio to 640 hectares within the Chennai real estate market.

This ambitious expansion plan was estimated to require an investment of around Rs 15 billion over the next three years.

The company's existing logistics park, which covers 190 hectares, was currently developing an additional 1.3 million square feet of infrastructure.