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Hiranandani Group in JV unveils ₹3,000cr logistics parks

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GreenBase, a joint venture between the Hiranandani Group and US private equity firm Blackstone Group, plans to invest more than £3bn to develop industrial, logistics and warehousing parks in the country’s major cities. It aims to build and expand its portfolio from at least 15 million square feet to more than 20 million square feet over the next five years. Once the planned expansion is complete, the company is targeting a portfolio valuation of between £5.5 trillion and £6.0 trillion. With rising consumption and increased economic activity, the demand outlook for India’s logistics sector looks promising, and partners are optimistic about growth in this segment, led by a supportive economic scenario, to take advantage of this rapid growth. Development plans are in progress, informs GreenBase CEO N Shridhar.

The joint platform is also considering plans to list industrial and logistics portfolios in India and even abroad through real estate investment trusts (REITs). GreenBase will fund the proposed investment with an equity stake of Rs 1,000 crore and utilise the remainder. The company is currently leveraged at about 25-30% of its existing capital.

Complete News Source : NBM&CW

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