CHENNAI: Casagrand Industrial & Warehousing has secured a “strategic investment” deal from Blackstone, an alternative investment firm, of Rs 700 crore to develop two large-scale industrial and logistics parks across 154 acres of land at Sriperumbudur in Kancheepuram district of Tamil Nadu, the company said on Thursday.
The venture will develop 4.2 million square feet of modern, grade A industrial and warehousing infrastructure. Built to accommodate e-commerce, third-party logistics (3PL) and a broad spectrum of manufacturing occupiers, the developments aim to introduce a new tier of institutional-grade logistics & Industrial assets to one of India’s most dynamic industrial corridors. The projects are expected to reach a gross development value of Rs 1500 crore upon completion.
Casagrand, which invested Rs 450 crore, has already delivered six million sq ft., and 15 million sq ft., is in the pipeline. The state’s industrial growth primarily driven by electronics, automotive and export-oriented manufacturing has accelerated the need for high-specification logistics & industrial infrastructure.
Arun MN, founder, chairman and managing director, Casagrand Group, said, "Our partnership with Blackstone marks a pivotal step in our journey to redefine the industrial and logistics landscape in Tamil Nadu. We are not just developing industrial parks; we are creating future-ready ecosystems that enable global manufacturers to operate with scale, speed and world-class efficiency. With Blackstone’s global expertise and our deep regional understanding, we are confident of setting a new benchmark for industrial infrastructure in the country."
Construction on both parks will begin shortly, with phased development planned to meet rising industrial demand in the Sriperumbudur corridor. Part of the projects is already pre-leased to an Indian auto major for developing an auto-spare parts consolidation facility and is also further expected to attract a mix of global and domestic occupants. Riding on the strength of its group in-house EPC capability which consists of 2200 engineers, the company aims to complete the entire project within a timeframe of 24-30 months. Together, Blackstone and Casagrand Industrial and Warehousing aim to deliver high-quality assets that support India’s expanding manufacturing ambition.
The WhiteBoard Financial Advisors and Management acted as the exclusive adviser to the entire transaction.