The National Bank for Financing Infrastructure and Development (NaBFID) has extended a to Welspun One for its 55-acre logistics and warehousing project at the Jawaharlal Nehru Port Authority (JNPA) in Navi Mumbai.
Welspun One said it has now achieved financial closure for the Rs 2,700-crore project, which is coming up in a special economic zone (SEZ) adjacent to the port and would be the largest single-location Grade-A warehousing project in the country.
Over the past year, NaBFID has explored warehousing as a key sector for its new investments, with the bank investing Rs 745 crore in NDR InvIT Trust in December through subscription in long-term bonds issued by the trust.
"NaBFID is naturally suited to finance such projects with a long implementation period, requiring an extended repayment schedule. We have extended a 22-year term loan for this project," NaBFID deputy managing director Samuel Joseph said.
NaBFID has financed other warehousing projects too but this one is unique as it will come up in a SEZ area and is being built to international standards, he said.
Welspun One's JNPA project will have a development potential of over 3.6 million square feet, according to a release, with the facility expected to cater to third-party logistics, e-commerce, consumer goods, and manufacturing, a release said.
"The financial closure of our JNPA project marks a pivotal step in our journey to create world-class logistics and industrial infrastructure in India," said Anshul Singhal, co-founder and managing director of Welspun One.
The park would set new benchmarks in efficiency and scalability, supporting India’s growing demand for high-quality warehousing solutions. With NaBFID’s support, the company is in a position to accelerate execution while continuing to drive long-term value for stakeholders, Singhal said.
Property consultants CBRE, law firm Saraf and Partners and consulting firm BDO advised Welspun One on the NaBFID fund raise, the release said.
Welspun One, which also operates category-II alternative investment funds for new investments in the logistics and warehousing segment, has deployed its first and second funds. It has also launched the process to raise Rs 4,000 crore to increase its assets under management to $1 billion. The company has an operational portfolio of around 22 million square feet.
The firm's promoters, Welspun Group's Goenka family, is also in talks to liquidate part or all of its stake in the company, with multiple large domestic and overseas logistics and private equity firms bidding for the stake, with bids being at around $100 million to $120 million.
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