Together with GRT Group, Welspun One Logistics Parks (WOLP) would spend 700 crore in two Grade-A warehouse developments in Tamil Nadu. The complexes have a combined potential area of 1.3 million square feet and each cover 60 acres. GRT Group and Welspun One have formed a 50/50 joint venture to build the first project. The 500
crore fund corpus is fully committed as a result of this investment, according to a press statement from the firm. It also represents the last investment of WOLP Fund 1. A development management contract between WOLP and GRT Group governs the second project.
The investments are a result of an agreement made with the Tamil Nadu government in a memorandum of understanding that calls for a 2,500 crore investment over five years. 3,000 jobs would be created during the development phase of the 700 crore direct investment, which is strategically placed on National Highway 16 within the East Coast Economic Corridor.
"This strategic partnership launches our grand plans in the south. Our shared dedication to ethics and transparency, in addition to our shared business goal, has strengthened our connection, according to WOLP MD Anshul Singhal.
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