On August 21, Greenbase Industrial & Logistics Parks, a joint venture between the US-based Blackstone Group and India’s Hiranandani Group, announced the acquisition of a significant 211-acre land parcel spanning Oragadam in southwest Chennai and North Chennai. This strategic move, involving an investment of Rs 700 crore, is set to bolster the company’s industrial footprint in Chennai, complementing its existing 180-acre portfolio.
The acquisition is part of a broader Rs 1,500 crore investment plan aimed at developing a total of 391 acres. The project is slated for delivery within the current financial year. This expansion follows the successful completion of 135 acres of industrial and logistics parks at the Oragadam site, which has become a critical hub for industrial real estate. Oragadam’s appeal lies in its robust infrastructure, proximity to key transport links such as sea ports and airports, and its growing prominence in sectors including auto-ancillary, IT & ITeS, and manufacturing. The region’s strategic location, coupled with favourable macroeconomic conditions and supportive government policies, has positioned it as a crucial trade centre in the continent.
The new acquisition is expected to generate around 1,000 jobs, both directly and indirectly, further invigorating the local economy. Greenbase’s previous success includes the delivery of 3 million sq. ft. of built-to-suit space in Oragadam, catering to diverse sectors from e-commerce to automotive manufacturing. The CEO of Greenbase Industrial & Logistics Parks, highlighted the firm’s ambitious plans: “We aim to deliver nearly 20 million sq. ft. of space over the next five years across major markets including Chennai, Mumbai Metropolitan Region, Pune, Bengaluru, Kolkata, and Nashik.” He attributed the company’s strong growth in Chennai to the region’s skilled workforce, favourable climate, ease of doing business, and high-quality infrastructure.
The JV’s presence in Chennai now represents 40 percent of its overall growth portfolio, reflecting the region’s attractiveness for multinational companies and high-quality asset development.
