Welspun One will develop two warehousing projects in Tamil Nadu with an investment of US$ 85.4 million (Rs. 700 crore)
- IBEF
- April 26, 2023
Welspun One Logistics Parks (WOLP), an integrated fund and development management platform, will develop two warehousing projects in Tamil Nadu with an investment of US$ 85.4 million (Rs. 700 crore) in a joint venture with the GRT Group and will generate over 3,000 jobs during the development phase. GRT Group, situated in Tamil Nadu, operates companies in a variety of industries, including non-banking financial company (NBFC), education, renewable energy, jewellery, hospitality, and warehousing.
Each park has a development potential of over 1.3 million square feet and is spread out across about 60 acres of land, according to the statement by the company.
It was emphasised that the operational warehousing parks will drive the economic development of neighbouring communities in the state as the projects are strategically located on NH16, a crucial part of the East Coast Economic Corridor (ECEC), which is a prime component of the golden quadrilateral project in South India. In addition to Chennai city and Chennai port, the two upcoming facilities enjoy excellent connectivity to Nellore, Visakhapatnam, Bhubaneswar, Balasore, and Kolkata, it added.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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