Welspun One and GRT Group Will Invest INR 700 Crores to Develop a Warehouse in Tamil Nadu

Welspun One and GRT Group to Develop a Warehouse in Tamil Nadu

Welspun One Logistics Parks (WOLP), an integrated fund and development warehousing platform, is partnering with GRT Group to develop two Grade-A warehousing facilities in Tamil Nadu with a combined investment of INR 700 crore. 

Each of these proposed parks will encompass nearly 60 acres of land and have a development potential of approximately 1,300,000 square feet.

WOLP's managing director, Anshul Singhal, stated that this strategic alliance, their first-ever collaborative venture, would launch their ambitious plans in southern India.

In addition to a shared business objective, their commitment to honesty and openness had helped to strengthen their relationship.

The first project being developed through a 50/50 joint venture between WOLP and GRT Group represents the ultimate investment of WOLP Fund 1 and the total commitment of the fund's 500 Crore INR corpus.

WOLP is developing the second project for GRT Group under a development management agreement. 

Welspun is developing the initiatives in accordance with the memorandum of understanding (MoU) with the Tamil Nadu government to invest Rs 2,500 crore in the state over a five-year period.

During the development phase, the GRT Group's warehousing initiatives will require a direct investment of INR 700 crore and generate over 3,000 employment. 

The operational warehouse parks will fuel the economic growth of the state's adjacent communities, according to the company. 

The facilities are strategically located on NH16, which is an integral part of the East Coast Economic Corridor and a key element of the golden quadrilateral initiative in southern India.