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

Hiranandani Group and US-based private equity firm Blackstone Group‘s joint venture entity, GreenBase, have planned to invest over ₹3,000 crores to develop industrial, logistics, and warehousing parks across key cities in the country. It aims to build and expand its portfolio by at least 15 million sq ft, taking it to more than 20 million sq ft in the next five years. The company is targeting a valuation of between ₹5,500 crore and ₹6,000 crore for its portfolio once the proposed expansion is completed. The demand scenario for India‘s logistics sector looks promising with rising consumerism and higher economic activity and the partners are optimistic about the growth in this segment, led by a conducive economic scenario, and plans have been aligned to make the most out of this rapid progress, informed the CEO of GreenBase, N Shridhar.

The joint platform is also considering a plan to list the industrial and logistics portfolio through a Real Estate Investment Trust (REIT) in India or even overseas. GreenBase will be financing the proposed investment through equity worth ₹1,000 crore and the balance with leverage. The company‘s current leverage level stands at around 25-30% of its existing capital.