Welspun One Logistics Parks (WOLP), an integrated fund and development warehousing platform in a joint venture with GRT Group, will develop two grade-A warehousing projects in Tamil Nadu with an investment of Rs 700 crore.
The projects are being developed by Welspun as part of the memorandum of understanding with the Tamil Nadu government to invest around Rs 2,500 crores in the state over a period of 5 years, the company said in a statement.
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 which had a target size of Rs 500 crore.
The second project is being developed by WOLP for GRT Group under a “development management” agreement, the company said.
South-based GRT Group has businesses across verticals such as jewellery, hospitality, warehousing, renewable power, education, NBFC, among others.
“The projects with GRT Group will entail a direct investment of Rs 700 crores and generate 3000 jobs during the development phase. The operational warehousing parks will drive the economic development of surrounding communities in the state,” Welspun said.
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Each park is spread across around 60 acres of land with a development potential of around 1.3 million square feet.
This is the WOLP’s first joint venture with GRT group. “This strategic alliance kicks starts our ambitious plans in the south. In addition to a common business objective, our shared commitment towards integrity and transparency has helped us solidify our relationship,” said Anshul Singhal, managing director, Welspun One Logistics Parks.
The projects are strategically located on NH16 – an integral part of the East Coast Economic Corridor (ECEC) which is a prime component of the golden quadrilateral project in south India.
In addition to Chennai city and Chennai port, the two upcoming facilities enjoy excellent connectivity to Nellore, Visakhapatnam, Bhubaneswar, Balasore and Kolkata.
According to the company, the Grade A industrial and logistics campus will offer best-in-class amenities and technology-driven processes which will enable users to carry out their supply chain operations in an efficient and seamless manner.
“We believe that WOLPs in-depth knowledge of the industry along with their customer-centric approach will deliver a truly marquee development which will set new standards in this sector and the region,” GRT group said.