Warehouse developers bet on India as companies look beyond China

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In southern India’s sprawling industrial park, land is becoming scarce as companies rush to construct modern warehouses and factories, capitalizing on India’s economic upswing and diversifying their supply chains beyond China.

Greenbase industrial park, near facilities operated by Apple supplier Foxconn and truckmaker Daimler, has become a sought-after destination for European and American companies.

According to S. Raghuraman, an official of Greenbase, inquiries for leasing space in the park, managed by Blackstone and real estate tycoon Niranjan Hiranandani, have skyrocketed. The park is in discussions with multiple clients considering relocating their operations from China to India. To meet the growing demand, Greenbase plans to invest $800 million to expand its industrial park space fourfold to 20 million sq ft (1.9 million sq m).

Source: Reuters

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