Hiranandani goes solo with industrial platform Greenbase 2.0 expansion

Greenbase 2.0 will develop 5 million sq. ft across 215 acres as Hiranandani leads the next phase of the business.

Hiranandani Group is taking the lead in the next phase of its industrial and logistics business, planning to invest ₹2,000 crore to develop 5 million sq. ft across 215 acres in Tamil Nadu, after building the first phase with global private-equity firm Blackstone.

The Mumbai-based real estate group will initially fund and develop Greenbase Industrial and Logistics Pvt. Ltd’s expansion on its own, while remaining open to strategic partnerships for future phases, said N. Sridhar, CEO of Greenbase.

Greenbase 2.0, as the expansion is being called, has acquired 160 acres in Palur and Oragadam and another 55 acres in Arani, in north Chennai. The company plans to develop industrial and warehousing facilities on the land as it expands its footprint across India.

It has a further 4 million sq ft in the pipeline for acquisition, requiring an additional ₹1,500 crore investment. If completed, the acquisitions would take Greenbase 2.0’s development target to 9 million sq ft.

The first Greenbase platform was created in 2019 through a joint venture between Blackstone and a Hiranandani Group entity, with a planned investment of ₹2,500 crore to develop warehousing and logistics parks across the country. The partnership marked Blackstone’s entry into India’s warehousing and logistics sector.

The two partners have since built and delivered 5 million sq. ft. Blackstone and Hiranandani currently hold 80:20 stake, respectively, in the joint venture.

“Our approach goes beyond creating industrial space. We want to create ecosystems where manufacturing, technology, logistics, sustainability and people come together to create long-term value. Tamil Nadu remains a priority market for us because of its manufacturing depth, skilled workforce, policy environment and strong road and port connectivity,” Sridhar said.

The expansion will focus on Grade-A industrial, warehousing and logistics infrastructure across key manufacturing corridors, targeting sustained demand from manufacturers and logistics operators.

“We are bullish on the long-term outlook for India’s industrial and logistics sector. The Made in India momentum is not only creating demand from large manufacturers. Global manufacturers are looking for dependable ecosystems, faster execution, sustainability and infrastructure that can support scale over the long term. Greenbase 2.0 is our commitment to creating future-ready industrial destinations,” said Niranjan Hiranandani, chairman, Hiranandani Group.

Demand for industrial and warehousing space in India is being driven by third-party logistics (3PL) firms and manufacturers. Leasing demand from manufacturing is projected to account for 40% of the industrial and warehousing market by 2030, according to a September report by property adviser JLL India.

India’s warehousing sector has also shifted from fragmented regional operations to a more professionally managed asset class. Total warehousing stock surpassed 610 million sq ft in 2025, with Grade-A space accounting for 53% of supply, according to JLL India. The shift reflects rising demand for higher-quality facilities and a growing role for institutional capital.