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Thursday, Sep 19, 2019

Hiranandani group to invest Rs 1,000 cr in industrial park in Chennai

Hiranandani group firm Green Base will create a wind turbine park and warehousing set-up for Vestas India, the leading wind turbine manufacturing multinational, at Oragadam, Chennai.

real-estate Updated: Sep 12, 2019 14:24 IST
Press Trust of India
Press Trust of India
Chennai
Niranjan Hiranandani, co-founder and managing director of Hiranandani Group.
Niranjan Hiranandani, co-founder and managing director of Hiranandani Group.
         

Realty firm Hiranandani group will invest about Rs 1,000 crore to develop 115-acre industrial and logistics park here and is setting up a wind turbine manufacturing unit for Vestas.

Hiranandani group firm Green Base will create a wind turbine park and warehousing set-up for Vestas India, the leading wind turbine manufacturing multinational, at Oragadam, Chennai.

The ground breaking ceremony for the ‘built to suit’ unit for Vestas was held here.

Vestas India is setting up an assembly and warehousing facility, which will be spread over 23 acres at this industrial and logistics park. The development will be spread over half a million sq ft.

“We will invest around Rs 1,000 crore over the next 2-3 years on the development of this park,” Hiranandani group MD Niranjan Hiranandani told PTI.

As part of the business diversification, he said the group has ventured into industrial and logistics park segment which has huge growth potential.

The government has granted infrastructure status to the logistics industry, making it an even more positive situation, Hiranandani said.

The group has allocated 115 acres for the industrial and logistics park out of 430 acres of mixed used integrated township, Hiranandani Parks here.

“Apart from our land bank measuring over 500 acres, we are in the process of acquiring new land banks, either directly or through partnerships /JVs across India for the Green Base platform,” said N Shridhar, Group Director & CEO – Infrastructure (Industrial & Logistics).

“Our ongoing projects as also ‘planning in progress’ are located across Pune, Oragadam in Chennai, Nashik, Bhiwandi, Durgapur, Kolkata and Bengaluru. We are targeting close to 12 million sq ft over the next 5 to 7 years. This portfolio is a good yield asset class, which most probably will be available for retail participation through a REIT/InvIT platform,” he added.

Denmark-based Vestas is the energy industry’s global partner on sustainable energy solutions. It is into designing, manufacture, installation, and servicing wind turbines across the globe.

(The story has been published from a wire feed without any modifications to the text)

First Published: Sep 12, 2019 14:11 IST