Hiranandani will invest Rs 1,000 crore at Chennai’s industrial park.

By Abhay Shah, Realty Quarter

Hiranandani Group, a real estate company, is going to invest about Rs 1,000 crore to construct a 115-acre industrial and logistics park and is setting up a wind turbine manufacturing unit for Vestas.

At Oragadam, Chennai, Hiranandani Group Company Green Base will create a wind turbine park and warehouse set-up for Vestas India, the leading multinational wind turbine manufacturing company. The groundbreaking ceremony for the Vestas unit ‘built to suit’ took place here.

Vestas India is setting up an assembly and warehousing plant that will extend over 23 acres in this industrial and logistics park. It will spread the construction over half a million sq ft.

“Around Rs.1,000 crore will be invested in the development of this park over the next 2-3 years,” said Niranjan Hiranandani, MD of Hiranandani group.

He said the company has gone into the industrial and logistics park segment as part of company diversification, which has enormous growth potential.

The government has given the logistics industry infrastructure status, making it even more favourable, Hiranandani said. The group assigned 115 acres out of 430 acres of the mixed-used incorporated township, Hiranandani Parks, to the industrial and logistics park.

“In addition to our 500-acre land bank, we are in the phase of obtaining new land banks for the Green Base platform either directly or through partnerships/JVs across India,” said N Shridhar, Group Director & CEO – Infrastructure (Industrial & Logistics).

“Our continuing projects as well as ‘planning in progress’ are situated across Pune, Oragadam in Chennai, Nashik, Bhiwandi, Durgapur, Kolkata and Bengaluru. Over the next 5 to 7 years, we are targeting nearly 12 million sq ft. This portfolio is an excellent yield asset class that will most likely be accessible for retail participation through a REIT/InvIT platform,” he added.

Vestas, based in Denmark, is the global partner for sustainable energy solutions to the energy industry. It is into designing, producing, installing and servicing wind turbines worldwide.