CHENNAI: GreenBase, in a joint venture with Global private equity firm Blackstone Group Inc, will invest Rs 750 crore to develop an Industrial and Logistics Park at Vadakkuppattu, Oragadam. The logistics park which will come up in 2.8 million square feet will cater to companies desirous of setting up manufacturing and logistics units.
This will open up the job prospects for various segments that shall help in the overall socio-economic growth in the region, according to Niranjan Hiranandani, Founder and Managing Director, Hiranandani Group. The project is one among the 14 projects for which Memorandum of Understanding was signed recently. The state government will extend support in the form of necessary infrastructural support, regulatory permissions and registrations subject to the applicable laws.
It will encourage Single window clearance to expedite the approval process in a seamless and transparent manner which in turn culminates into the reduced time frame for companies to be market ready and Go Live hassle-free, accoding to a release. An additional power station has been commissioned within the GreenBase Industrial park that will substantially reduce utility costs for last mile connectivity which will be passed on to the companies setting up units in the park.
Also, an uninterrupted power supply will go a long way in reducing dependencies, capex and operational expenses. “Subject to eligibility, standard incentives as per the Tamil Nadu Industrial Policy, 2014; will be made available to companies who set up manufacturing units at GreenBase Industrial & Logistics Park.
These fiscal benefits include capital subsidy, stamp duty refund, training subsidy, electricity tax exemption and other applicable incentives under the policy. These value propositions are on offer at the GreenBase Industrial & Logistics Park as a result of the affiliation with the state government, making it a ‘win-win’ scenario for companies setting up their units within the Park,” the release added.