Welspun One completes investment from first storage fund with South India deal

The first project will be developed through a 50:50 joint venture between GRT Group and Welspun One. It also marks the final investment of WOLP Fund 1 and results in a full fund corpus commitment of Rs 500 crore, the warehousing platform said in a press release.

Welspun One Logistics Parks (WOLP) announced on Tuesday that it has partnered with GRT Group to develop two warehouse projects in Tamil Nadu with an investment of Rs 700 crores. The two projects, both Class A, will create 3,000 jobs during the development phase.

The first project will be developed through a 50:50 joint venture between GRT Group and Welspun One. It also marks the final investment of WOLP Fund 1 and results in a full fund corpus commitment of Rs 500 crore, the warehousing platform said in a press release.

The two projects are being developed by Welspun as part of the MoU with the Government of TN to invest approximately Rs 2,500 crores in the state over a five year period.

The projects are strategically located on the NH16 – an integral part of the East Coast Economic Corridor (ECEC), which is a key component of the golden quadrilateral project in southern India, it said.

“This strategic alliance launches our ambitious plans in the south. In addition to a shared business purpose, our shared commitment to integrity and transparency has helped strengthen our relationship,” said Anshul Singhal, MD of WOLP.

The Class A industrial and logistics campus will offer world-class amenities and technology-driven processes that enable users to conduct their supply chain operations in an efficient and seamless manner, according to the warehousing platform.

“We are pleased to participate in the rapidly growing segment of warehouse and logistics real estate through our joint venture with Welspun One. We believe that WOLP’s deep industry knowledge combined with their customer-centric approach will result in a truly outstanding development that will set new standards in this sector and in the region,” said the promoters of GRT Group.

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