Welspun One Logistics Parks (Wolp) has joined forces with GRT Group to develop two state-of-the-art Grade-A warehousing projects in Tamil Nadu. The two projects will cover over 2.6 million sq ft of land, with an investment of INR 700 crore. The parks are expected to generate over 3,000 jobs during development and drive economic growth in surrounding communities.
One of the projects will be developed as part of a 50:50 joint venture between Wolp and GRT Group, marking the final investment of Wolp Fund 1. Welspun will develop the second project for GRT Group through a development management agreement. The developments are in line with Welspun’s memorandum of understanding (MoU) with the Tamil Nadu government to invest INR 2,500 crore in the state over a period of five years.
The warehouses will be strategically located on NH-16, an integral part of the East Coast Economic Corridor (ECEC) and the golden quadrilateral project in South India, connecting Chennai city and Chennai Port with Nellore, Visakhapatnam, Bhubaneswar, Balasore and Kolkata.
The projects with GRT Group are expected to provide world-class facilities and amenities to meet the growing demands of the sector. Each park will be spread across nearly 60 acres of land, with a development potential of around 1.3 million sq ft. The first project is expected to be operational soon, while the second is slated for completion in the next 18 months.
