TAMIL NADU, INDIA
By IFAB MEDIA - NEWS BUREAU - April 25, 2023 | 23 2 minutes read
The first project is being developed through a 50:50 joint venture between GRT Group and WOLP; 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 project is being developed by WOLP for GRT Group under a “development management” agreement.
The projects are being developed by Welspun as part of the MoU with the TN government to invest ~Rs 2500 crore in the state over a period of 5 years. The projects with GRT Group will entail a direct investment of Rs 700 crore and generate 3000 jobs during the development phase. The operational warehousing parks will drive the economic development of surrounding communities in the state.
The projects are strategically located on NH16 – an integral 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, they enjoy excellent connectivity to Nellore, Vishakhapatnam, Bhubaneswar, Balasore and Kolkata. The Grade A industrial and logistics campus will offer best-in-class amenities and technology-driven processes which will enable users to carry out their supply chain operations in an efficient and seamless manner.
Anshul Singhal, MD, Welspun One Logistics Parks, said, “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.”