Mumbai-based firm Hiranandani Group’s subsidiary GreenBase and US investment firm Blackstone have come together to form a 50:50 joint venture for the development of industrial, warehousing, and logistics projects.
Commenting on the partnership, founder and managing director Hiranandani Group Niranjan Hiranandani said,
We have a very bullish view on the economy in the long term. Logistics and warehousing will be one of the major beneficiaries of this growth. The joint venture investments will also contribute to economic growth as well as employment generation in the relevant locations.
The JV partners will invest Rs 2500 crore in the construction and development of GreenBase’s industrial realty projects. The total land area of various industrial and warehousing projects under development of GreenBase is 12mn sqft.
The JV will initially focus on GreenBase’s project in Pune spread over 265 acres, another in Oragadam, Chennai spread over 115 acres, one in Nashik spread over 73 acres, and one project in Durgapur, West Bengal spread over 25 acres.
The deal marks Blackstone’s first foray in the industrial warehousing market in India. The company has steadily expanded its portfolio of investments in commercial real estate. In 2019, Blackstone has invested $3.6 billion till September, its largest single-year investment in India.