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Hiranandani arm GreenBase, Vestas India ink deal to build wind turbine park in Chennai
GreenBase, a wholly-owned subsidiary of Hiranandani Group, has inked a deal to build a wind turbine park and warehousing set-up for the wind turbine manufacturing multinational Vestas India in Chennai. The built-to-suit development will be spread over half a million sq ft at the Industrial and Logistics Park, located within Hiranandani Parks, Oragadam. Vestas India is setting up an assembly and warehousing facility, which will be spread over 23 acres at the Industrial and Logistics Park. "This project by Vestas will result in creation of new jobs as also business opportunities for allied and ancillary industrial units, and will give a big fillip to development of the industrial and manufacturing sector in Oragadam," said Niranjan Hiranandani, co-founder and MD, Hiranandani Group. The group has allocated 115 acres for the Industrial and Logistics Park out of 430 acres of the mixed-use integrated township, Hiranandani Parks in Oragadam, Chennai. “Apart from our land bank measuring over 500 acres, we are in the process of acquiring new land banks, either directly or through partnerships /joint ventures across Pan-India for the GreenBase platform,” said N. Shridhar, Group Director & CEO – Infrastructure (Industrial & Logistics). The group's on-going and planned projects are located across Pune, Oragadam in Chennai, Nashik, Bhiwandi, Durgapur, Kolkata and Bengaluru. It is aiming at nearly 12 million sq ft over the next 5 to 7 years. "This portfolio is a good yield asset class, which most probably will be available for retail participation through a REIT/InvIT platform,” Sridhar added.