Welspun One announces joint venture with GRT Group in T.N. for two warehousing projects on NH16
The Hindu
The GRT Group has partnered with Welspun One Logistics Parks (WOLP), an integrated fund and development warehousing platform, to develop two Grade-A warehousing projects in Tamil Nadu. WOLP is the warehousing platform of the USD 2.3 billion global conglomerate, Welspun Group.
The GRT Group has partnered with Welspun One Logistics Parks (WOLP), an integrated fund and development warehousing platform, to develop two Grade-A warehousing projects in Tamil Nadu. WOLP is the warehousing platform of the USD 2.3 billion global conglomerate, Welspun Group.
Each park will be spread across 60 acres of land, with a development potential of 1.3 million sq. ft. The projects are to be located on NH16 – part of the East Coast Economic Corridor (ECEC). In addition to Chennai city and Chennai port, they connect to Nellore, Vishakhapatnam, Bhubaneswar, Balasore and Kolkata.
The first project is being developed through a 50:50 joint venture between GRT Group and WOLP; it also marks the final investment of WOLP Fund 1. Welspun One Logistics Parks Fund I, is a warehousing fund that provides domestic institutions, HNIs, family offices and NRIs, an opportunity to invest in the warehousing and industrial real estate sector in India. The fund has a target size of ₹500 crore.
The second project is being developed by WOLP for GRT Group under a “development management” agreement.
The projects are being developed by Welspun as part of its Memorandum of Understanding (MoU) with the Tamil Nadu government to invest ₹2,500 crore in the State over a period of five years. The projects with GRT Group will entail a direct investment of ₹700 crore and generate 3,000 jobs during the development phase.
According to details provided by Welspun One Logistics Parks, the operational warehousing parks will drive the economic development of surrounding communities in the State.
Promoters of GRT Group said that they were excited to participate in the rapidly-growing warehousing and logistics real estate segment through this joint venture with Welspun One. Anshul Singhal, managing director, Welspun One Logistics Parks said, “This alliance kicks starts our ambitious plans in the South.”
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