Casagrand said on November 20 that it has entered into a strategic investment deal with Blackstone under which the US-headquartered alternative investment firm had agreed to invest ₹700 crore to develop a 4.2 million sq ft of industrial and warehousing infrastructure near Chennai, according to the company statement.
The company aims to develop two large-scale industrial and logistics parks spanning 154 acres in Sriperumbudur, Chennai, the statement said.
“The venture will see an investment around ₹700 crores from Blackstone to develop 4.2 million sq ft of modern, Grade A industrial and warehousing infrastructure. Built to accommodate e-commerce, 3PL and a broad spectrum of manufacturing occupiers, the developments aim to introduce a new tier of institutional-grade logistics and Industrial assets to one of India’s most dynamic industrial corridors. The projects are expected to reach a gross development value of ₹1500 crores upon completion,” the statement said.
Casagrand Industrial and Warehousing has already delivered 6 million sq ft and is executing a 15 million sq ft pipeline. The state’s industrial growth primarily driven by electronics, automotive and export-oriented manufacturing has accelerated the need for high-specification logistics and industrial infrastructure.
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Commenting on the partnership, 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, the company said.
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, the company said in a statement.