Casagrand has declared a significant strategic alliance with Blackstone, one of the world's leading private equity funds, where the firm that is US-based will invest $93 million in a 4.2 million square feet industrial and warehousing infrastructure development project near Chennai.
The venture is going to be a metropolitan-area industrial and logistics park project covering a total of 154 acres in Sriperumbudur, one of the most rapidly growing industrial corridors of Chennai. The two industrial parks are creating state-of-the-art, Grade-A infrastructure facilities designed to meet the requirements of e-commerce, third-party logistics (3PL), and manufacturing enterprises of various kinds.
According to company, the investment by Blackstone to develop 4.2 million sq ft of modern, Grade A industrial and warehousing infrastructure will be around ₹700 crores. The facilities, which are designed to house e-commerce, 3PL and a wide range of manufacturing occupiers, aim to introduce a new tier of institutional-grade logistics and Industrial assets to one of the most dynamic industrial corridors in India. Upon completion, the projects will be able to generate a gross development value of ₹1500 crores.
Casagrand Industrial and Warehousing have been a major contributor to the trend by making 6 million sq ft of industrial space available and is now commissioning a 15 million sq ft pipeline around the country. The rapid industrialization of Tamil Nadu, primarily through electronics, automotive, and export-oriented manufacturing, has been the main factor in the demand for high-spec logistics and industrial infrastructure.
Speaking about the partnership, Arun Mn, Founder, Chairman, and Managing director of 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.”
The construction of both parks will start soon, with the phased development aimed at satisfying the rising industrial demand in the Sriperumbudur corridor. An Indian auto major has already pre-leased some parts of the projects for establishing an auto-spare parts consolidation facility, and it is expected to attract the tenant’s mix of both global and domestic.
Casagrand counts on its in-house engineering, procurement, and construction (EPC) unit, comprising a group of 2,200 engineers, to execute the complete project within 24–30 months. The use of this integrated execution strategy is thought to be the main reason for the on-time delivery and COVID-compliant infrastructure needs of modern industrial and logistics operations kind operations.
Casagrand is now one step higher in the industrial and warehousing segment after this deal as it covers Chennai’s rising profile as a strategic logistics hub of southern India. The project is also set to offer a considerable number of jobs, besides ancillary industries' growth, thus, impacting positively the broad economic development.
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