Welspun is developing the two projects as part of an agreement with the Tamil Nadu government to invest roughly Rs 2500 crores in the state over the course of five years.
The partnership between GRT Group and Welspun One Logistics Parks (WOLP) to invest Rs 700 crores in two warehousing projects in Tamil Nadu was made public on Tuesday. As a result, 3,000 employment will be created while the two Grade A projects are still in the development stage.
To construct the first project, GRT Group and Welspun One have established a 50/50 joint partnership. The storage platform said in a news release that it also represented the last investment of WOLP Fund 1 and resulted in the absolute commitment of the fund’s Rs 500 crore capital.
A “development management” arrangement between WOLP and GRT Group is being used to build the second project. Each park is expected to be spread out across about 60 acres of land, with 1.3 million square feet of building possibilities.
Welspun is developing the two projects as part of an agreement with the government of Tamil Nadu to invest roughly Rs 2,500 crores in the state over the course of five years.
Welspun is developing the two projects as part of an agreement with the government of Tamil Nadu to invest roughly Rs 2,500 crores in the state over the course of five years.
The projects are ideally positioned on NH16, which is a crucial piece of the South India’s “golden quadrilateral” initiative and the East Coast Economic Corridor (ECEC).
We are launching our ambitious objectives in the south with this strategic cooperation. Anshul Singhal, MD of WOLP, claims that in addition to having a same company objective, having a similar commitment to ethics and openness has enhanced our relationship.
According to the storage platform, the Grade A industrial and logistics campus will provide best-in-class amenities and technology-driven processes that will allow customers to carry out their supply chain activities effectively and seamlessly.
Through our joint venture with Welspun One, we are thrilled to take part in the constantly expanding warehousing and logistics real estate industry. The promoters of the GRT Group stated, “We believe that WOLP’s in-depth expertise of the business combined with their customer-centric approach will provide a genuine landmark development that will establish new benchmarks in this sector and the area.
Thanks to this strategic alliance, our first-ever joint venture, we are off to a great start in achieving our ambitious goals in the southern area of India. Our shared dedication to honesty and integrity, in addition to having similar corporate goals, has strengthened our connection, according to Anshul Singhal, managing director of Welspun One Logistics Parks.
They have good connectivity to Nellore, Visakhapatnam, Bhubaneswar, Balasore, and Kolkata, in addition to Chennai city and Chennai port.
Over 3,000 employment would be created throughout the development phase of the projects with GRT Group, which will require a direct investment of Rs 700 crores. According to the corporation, the operating warehouse parks would propel the economic growth of neighbouring towns in the state.
The projects are strategically situated along NH16, which is a crucial section of the South India’s “golden quadrilateral” initiative, the East Coast Economic Corridor (ECEC). Hence, they have good connectivity to Nellore, Visakhapatnam, Bhubaneswar, Balasore, and Kolkata, in addition to Chennai city and Chennai port.
The warehousing and logistics segment of the real estate industry, which has shown to be comparatively resilient to the shocks of COVID 19, is predicted to continue to grow and attract more investment in the upcoming years.
In India, a supportive policy environment and regulatory environment, together with the government, together with government assistance through reforms, have started to increase infrastructure spending, which in turn has increased demand for modern warehouses.
