The Hiranandani group is investing a whopping Rs 1,200 crore to set up and develop a 115-acre industrial and logistics park within its integrated residential township, Hiranandani Parks in Oragadam, Chennai.
Denmark-based Vestas became the first client and held its ground-breaking ceremony on 12 September. Green Base, a Hiranandani group firm, will create a wind turbine park and warehousing space of more than half a million sq ft on a 23-acre plot at Hiranandani Parks. Vestas is the energy industry’s global partner on sustainable energy solutions.
Green Base is expected to invest Rs 750 crore in developing the infrastructure for Vestas on lease. It will have an assembly and warehousing facility that will generate jobs for 600 people.
“The group will become a well-diversified player by December 2020 as our new businesses — industrial & logistics parks, data centers, and oil and gas — are strategic growth areas for the future along with the real estate business, which will also see significant growth,” said Niranjan Hiranandani, co-founder and MD, Hiranandani Group. As part of the business diversification, he said the group has ventured into industrial and logistics park segment which has huge growth potential.
“While Vestas is our first customer at Oragadam industrial and logistics park, we are in discussion with more companies for the remaining space. Overall, we hope to invest Rs. 1,200 crore in the next three years for creating built-up space of 3.5 million sq ft on the entire 115-acre area. This has the potential to create 3,000 jobs,” said N Sridhar, Group Director and CEO-Infrastructure (Industrial and logistics), Hiranandani Group.
Apart from the 115 acres earmarked for the industrial and logistics park and the plans to invest Rs. 1,200 crore over the next three years, the Hiranandani group will acquire new land banks, either directly or through partnerships /JVs for the Green Base platform.
The Hiranandani Group is lining up investments to create industrial and warehousing space of more than 12 million sq ft in the next 5-7 years spread over 700 acres across the country.