Welspun One, GRT Group ink Rs 700 crore deal for Tamil Nadu project

Welspun One Logistics Parks (WOLP), an integrated crate warehousing and development platform in a joint venture with GRT Group, will develop two grade A warehousing projects in Tamil Nadu with an investment of Rs 700 crore.

The company said in a statement that the projects are being developed by Willspawn as part of a Memorandum of Understanding with the Government of Tamil Nadu to invest around Rs 2,500 crore in the state over 5 years.

The first project is being developed through a 50:50 joint venture between GRT Group and WOLP and also marks the final investment of the WOLP 1 fund which had a target size of Rs 500 crore.

The company said the second project is being developed by WOLP for the GRT Group under a “development management” agreement.

The south-based GRT Group has businesses across sectors such as jewellery, hospitality, warehousing, renewable energy, education, NBFC and more.

“The projects with GRT Group will entail direct investment of Rs 700 crore and generate 3,000 jobs during the development phase. The operational warehousing parks will drive the economic development of neighboring communities in the state,” said Wilspoon.

Each garden is spread over 60 acres with potential to develop around 1.3 million square feet.

This is WOLP’s first joint venture with GRT Group. This strategic alliance begins our ambitious plans in the south. In addition to the goal of working together, our shared commitment to integrity and transparency has helped cement our relationship,” said Anshul Singhal, Managing Director, Welspun One Logistics Parks.

The projects are strategically located on NH16 – an integral part of the East Coast Economic Corridor (ECEC) which is a major component of the Golden Quad project in South India.

In addition to the city of Chennai and the port of Chennai, the next two facilities have excellent connectivity with Nellore, Visakhapatnam, Bhubaneswar, Balasore and Kolkata.

According to the company, the first-class industrial and logistics campus will provide the best amenities and technology-driven operations that will enable users to carry out their supply chain operations in an efficient and smooth manner.

“We believe that WOLPs in-depth knowledge of the industry combined with its customer-centric approach will provide a truly landmark development that will set new standards in this sector and region,” said GRT Group.