Welspun One and GRT Group enter JV with Rs 700 cr outlay

CHENNAI: GRT Group has partnered with Welspun One Logistics Parks (WOLP), an integrated fund and development warehousing platform to develop two Grade-A warehousing projects in Tamil Nadu. Each park is spread across 60 acres of land with a development potential of 1.3 million sq. ft.

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 2,500 crores in the state over a period of five years. The projects with GRT Group will entail a 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 surrounding communities in the state.

The projects are 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, the projects enjoy connectivity to Nellore, Visakhapatnam, Bhubaneswar, Balasore and Kolkata. The Grade A industrial and logistics campus will offer amenities and technology-driven processes which will enable users to carry out their supply chain operations seamlessly.

Promoters of GRT Group said, “We are excited to participate in the rapidly growing warehousing and logistics real estate segment through our JV with Welspun One. We believe that WOLPs in-depth knowledge of the industry along with their customer-centric approach will deliver a marquee development which will set new standards in this sector and the region.”

Anshul Singhal, MD, Welspun One Logistics Parks said, “We are honoured to join hands with the GRT Group – a brand that personifies credibility, for our first-ever JV. 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.”