Welspun One Logistics Parks (WOLP) has partnered with GRT Group to invest ₹700 crore in two gGrade-A warehousing projects in Tamil Nadu.
Spanning 60 acres each, the developments have a potential space of 1.3 million sq ft. “The first project is being 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 the full commitment of the fund corpus of ₹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 a memorandum of understanding with the Tamil Nadu government, committing to a ₹2,500 crore investment over five years. The ₹700 crore direct investment will create 3,000 jobs during the development phase and is strategically located on National Highway 16 within the East Coast Economic Corridor.
“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,” WOLP MD Anshul Singhal said.
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