Hiranandani to invest Rs 25 bn in warehouses
The Hiranandani group will invest Rs 25 billion into two major projects, marking its entry into the warehousing and logistics space. The company plans to get a toehold in automobiles; micro, small and medium enterprises; and e-commerce warehousing by the first quarter of 2019. “In the next five y
Published -
Oct 17, 2018 6:06 AM
The Hiranandani group will invest Rs 25 billion into two major projects, marking its entry into the warehousing and logistics space. The company plans to get a toehold in automobiles; micro, small and medium enterprises; and e-commerce warehousing by the first quarter of 2019. “In the next five years, logistics and warehousing will be a big business. We have taken two large locations — at Talegaon Chakan in Pune and at Oragadam in Chennai. These are major automobile and industrial areas,” said Niranjan Hiranandani, founder and managing director (MD) of the group. The real estate giant is developing 250 acres in Pune, 100 acres in Chennai, and 77 acres in Nashik. The company is planning to get into logistics and has already started talks with companies specialising in this space. “People are talking to us for investments. We have not tied up with anyone yet,” said Hiranandani. The company plans to cater to firms providing spare parts and ancillary goods to automobile firms. It is also planning to make e-commerce firms, such as Flipkart and Amazon, major clients. The group will provide back-end logistics such as delivery. “There is a dearth of quality warehousing space. Now, it will be not only about providing space but also services,” said Hiranandani. Besides this, the company has also entered the co-working space. Global co-working giant WeWork’s Indian arm recently took on lease an entire commercial building spread over 12 floors at Hiranandani Estate in Thane.
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