Greenbase Industrial & Logistics Parks, a joint venture between the Hiranandani Group and the Blackstone Group, intends to invest around Rs 1,500 crore in Chennai to grow its warehouse portfolio.

The corporation intends to expand its warehousing capacity to approximately 640 acres during the next three years.

This expansion will encompass 450 acres of land parcels, with roughly 100 acres already bought and conversations for an additional 50 acres underway.

The corporation is also looking into purchasing another 300 acres in various parts of Chennai.

The existing logistics park, part of the integrated township Hiranandani Park, spans 190 acres and is currently undergoing development to add 1.3 million sq ft. Chennai will serve as the focal point for Greenbase Industrial & Logistics Parks’ development of industrial and logistics parks across India.

Niranjan Hiranandani, founder, Hiranandani Group, highlighted the growth potential of the Indian logistics sector, with expectations of reaching $350 billion by 2025, driven by geopolitical changes and the pandemic’s impact on supply chains.

He emphasised Chennai’s suitability as an economic hub, attracting industrial and warehousing companies.