Blackstone inks JV with Hiranandani to enter warehousing business in India

Photo: Bloomberg

Global private equity firm Blackstone Group Inc has formed a joint venture with Greenbase, a Hiranandani group firm, to develop warehousing and logistics parks across the country.

This marks the entry of Blackstone, a US-based company, into the Indian warehousing and logistics sector.

The equal joint venture plans to invest 2500 crore to develop around 12 million sqft of industrial and warehousing assets across the country in three to four years, said Niranjan Hiranandani, founder and managing director, Hiranandani Group.

“We have a very bullish view on the economy in the long term. Logistics and warehousing will be one of the major beneficiaries of this growth. The joint venture’s investment will also contribute to economic growth as well as employment generation in the relevant locations,” Hiranandani said.

The company has successfully closed customer transactions of about 1 million-square-foot for built-to-suit (BTS) space with end-users such as Coopers (for Talegaon) and Vestas (at Oragadam), according to Shridhar, group director and chief executive officer of infrastructure (industrial and logistics), Greenbase.

The partnership would allow Blackstone to tap the growing Indian warehousing market. Blackstone has been expanding its commercial real estate portfolio rapidly in India. However, it has also been looking for opportunities to enter into the industrial warehousing business.

A spokesperson with Blackstone chose not to comment on the development.

This article was first published on livemint.com

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.