Hiranandani inks JV with Blackstone; to invest Rs 2,500cr for industrial, warehousing space

Realty firm Hiranandani Group on Tuesday said its subsidiary has formed an equal joint venture with global investment firm Blackstone to develop industrial as well as warehousing assets, and will together invest Rs 2,500 crore over the next four years.

GreenBase, a fully-owned subsidiary of Niranjan Hiranandani-led Hiranandani Group, has inked pact with Blackstone to set up a 50:50 joint venture for development of industrial, logistics and warehousing assets, the Mumbai-based realty firm said.

The JV will initially include Hiranandani Green Base's 267 acre in Pune, 115 acre in Chennai's industrial suburb Oragadam, 73 acre in Nashik and around 25 acres in Durgapur, West Bengal.

Both the partners would invest over Rs 2,500 crores initially to develop the 12 million sq ft industrial and warehousing assets portfolio of GreenBase and additional projects through acquisitions of land or warehousing assets in other locations.

"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's investment will also contribute to economic growth as well as employment generation in the relevant locations," he added.