Hiranandani to Invest Rs 8,500 Cr in 3 Yrs in Data &, Industrial Parks
Hiranandani group, will invest around Rs 8,500 crore over the next three years to develop data centres and industrial parks across various cities as it is bullish on growth prospects in these two verticals. The Hiranandani group has around 2,000 acres of land bank across major cities for development of housing, commercial, data centre and warehousing projects. Hiranandani has set up the Asia’s largest data centre in Navi Mumbai and is now planning second data centre in Greater Noida and third one near Chennai. Last year, Hiranandani Group had forayed into development of data centre parks with its new business venture Yotta Infrastructure, to tap rising demand of data storage capacity. The first data centre is located at Panvel. The first phase of this project comprising 8.2 lakh sq ft has already been inaugurated in July this year. Yotta Infrastructure will invest around Rs 5,000 crore over the next 3 years as it aims to capture about 25 per cent of market by end of FY 2025. The investment numbers will go up substantially over the next 7-10 years. Similarly, the company is developing industrial, logistics/warehousing parks through a joint platform with global investment firm Blackstone. Greenbase Industrial and Logistics Parks the joint venture firm, will invest Rs 3,500 crore over the next three years to develop projects across various locations. Greenbase will develop two industrial parks at Talegaon and Nashik in Maharashtra and one at Oragadam near Chennai. The JV is looking to develop more industrial parks. Hiranandani said it is being financed through equity and bank loans. Group’s debt level is comfortable and secured against the rent yielding assets and completed housing stocks.
Tags : News/Views Housing Hiranandani Group India industrial parks Yotta Infrastructure commercial invest Data Centre data warehousing projects Greenbase Industrial Logistics Parks