Welspun One Logistics Parks (WOLP), an integrated fund and development management platform, said that they will develop two warehousing projects in Tamil Nadu. The initiative will be carried out at the cost of an investment of Rs 700 crore in a joint venture with the GRT Group. The warehousing is part of the WOLP initial pact signed with the Tamil Nadu government last November. As per the WOLP pact, the firm proposed to invest around Rs 2,500 crore in the state over a period of five years.
In a release on Tuesday, the company said, "Each park is spread across around 60 acres of land with a development potential of around 1.3-million sq ft of space. The first Grade A warehousing project is being developed through a 50:50 joint venture between GRT Group and WOLP. The Grade A industrial and logistics campus will offer amenities and technology-driven processes which will enable users to carry out their supply chain operations in an efficient and seamless manner. It also marks the final investment of WOLP Fund 1 and results in the full commitment of the fund corpus of Rs 500 crore."
The second Grade A project is being developed by the WOLP for GRT Group under a "development management" agreement, the company said.
Anshul Singhal, Managing Director, Welspun One Logistics Parks, as per PTI, said, "We are joining hands with the GRT Group for our first-ever JV. This strategic alliance kick starts our ambitious plans in the South."
These projects are expected to yield an investment of Rs 700 crore and generate 3,000 jobs during the development phase, WOLP said.
GRT Group is a Tamil Nadu-based firm with businesses across verticals such as jewellery, hospitality, warehousing, renewable power, education, NBFC, among others.
GRT Group said that the two upcoming facilities in addition to Chennai city and Chennai port, will enjoy excellent connectivity to Nellore, Visakhapatnam, Bhubaneswar, Balasore and Kolkata, GRT Group said.
(With PTI inputs)