Welspun One Logistics Parks (WOLP) partners with GRT Group for investment 700 crores in two G-Grade-A warehousing projects in Tamil Nadu.
Spread over 60 acres, the development has a potential of 1.3 million sq ft. “The first project is being developed through a 50:50 joint venture between GRT Group and Welspun One. This also marks the final investment of WOLP Fund 1 and results in full commitment of the fund corpus 500 crore,” the company said in a press release.
The second project is under a development management agreement between WOLP and GRT Group.
The investments come as part of an MoU with the Government of Tamil Nadu, which is committed to a 2,500 crore investment in five years. 700 crore direct investment will generate 3,000 jobs during the development phase and is strategically located on National Highway 16 within the East Coast Economic Corridor.
“This strategic alliance kick-starts our ambitious plans in the South. Apart from a common business objective, our shared commitment to integrity and transparency has helped us strengthen our relationship,” said Anshul Singhal, MD, WOLP.
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