The company has acquired 215 acres across Chennai’s industrial belts, comprising 160 acres in Palur, Oragadam, and 55 acres in Arani, North Chennai.
A further 4 million sq ft is in the pipeline for acquisition with an additional investment of Rs 1,500 crore, taking the company’s cumulative development target to 9 million sq ft.
“We are investing close to Rs 2,000 crore for this 5 million sq ft in Chennai itself. It is the cost of the land and the investment that we for building the whole thing,” N. Shridhar, CEO, GreenBase, said at a media briefing in Chennai.
The broader GreenBase 2.0 programme will be developed across strategic manufacturing corridors. The company is targeting occupiers from renewable energy, automotive, electronics manufacturing services, infrastructure technology, heavy engineering and third-party logistics.
Shridhar said the company is also looking at EVs, EV charging, EV components, battery-related businesses and renewable energy companies as potential occupiers.
He also referred to demand from industrial automation, drones and other technology-led manufacturing businesses.
Tamil Nadu is a priority market for GreenBase.
Shridhar cited skilled manpower, engineering capabilities, connectivity and the State’s industrial ecosystem among the factors considered by manufacturing companies. The company is also looking at locations based on proximity to ports, airports, markets and raw materials, depending on the requirements of individual customers.
The company is developing projects at Palur and Arani. The Palur project covers 160 acres and Arani covers 55 acres.
GreenBase’s first phase has already been built and delivered, totalling approximately 5 million sq ft. Its occupiers include Vestas, Gurit, Hellermann Tyton, Sanmina, Baker Hughes, Magna and Hyundai Transys.
A change in the second phase is the ownership structure. GreenBase 2.0 is currently being pursued as a 100 per cent Hiranandani venture. Shridhar said the company continues to have a relationship with its existing partner in GreenBase 1.0 and that the partner could potentially participate in the new expansion later.
“There is no difference in the way we work. It is just that we are creating it as a 100 per cent venture as of now,” Shridhar said.
GreenBase is also evaluating additional industrial locations in Maharashtra, Gujarat and around Bengaluru.
“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, backed by the development discipline and institutional credibility of the Hiranandani Group,” Dr. Niranjan Hiranandani, Chairman, Hiranandani Group, said in a statement.