Realty firm Hiranandani Group will invest about Rs 1,000 crore to develop 115-acre industrial and logistics park in Chennai and is setting up a wind turbine manufacturing unit for Vestas.

New park in Chennai

Hiranandani Group Green Base will create a wind turbine park and warehousing set-up for Vestas India, leing wind turbine manufacturing multinational, at Oragam, Chennai. groundbreaking ceremony for built to suit' unit for Vestas was held in Chennai. Vestas India is setting up an assembly and warehousing facility, which will be spre over 23 acres at this industrial and logistics park. development will be spre over half a million sq ft.

"We will invest around Rs 1,000 crore over next 2-3 years on development of this park," Hiranandani Group MD Niranjan Hiranandani told press.

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As part of business diversification, he said group has ventured into industrial and logistics park segment which has huge growth potential. government has granted infrastructure status to logistics industry, making it an even more positive situation, Hiranandani said. group has allocated 115 acres for industrial and logistics park out of 430 acres of mixed-used integrated township, Hiranandani Parks here.

ditional projects

"Apart from our land bank measuring over 500 acres, we are in process of acquiring new land banks, eir directly or through partnerships /JVs across India for Green Base platform, said N Shridhar, Group Director & CEO Infrastructure (Industrial & Logistics).

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"Our ongoing projects as also planning in progress' are located across Pune, Oragam in Chennai, Nashik, Bhiwandi, Durgapur, Kolkata and Bengaluru. We are targeting close to 12 million sq ft over next 5 to 7 years. This portfolio is a good yield asset class, which most probably will be available for retail participation through a REIT/InvIT platform," he ded.

Denmark-based Vestas is energy industry's global partner on sustainable energy solutions. It is into designing, manufacture, installation, and servicing wind turbines across globe.

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