Welspun One Logistics Parks (WOLP), an integrated fund and development management platform, announced on September 6 that it was investing Rs 600 crore on a warehousing anchored mixed-use development in the Thane section of the Mumbai Metropolitan Region (MMR).
The company said it would construct 6 lakh sqft (built up area) on a 3.25 acre plot and plans to lease it to warehousing and logistics companies operating in the e-commerce, rapid delivery, grocery, pharmaceutical and cold storage domains.
This marks the first deployment of Welspun One Logistics Parks (WOLP) Fund 2, a category II AIF vehicle that has secured commitments of Rs 1,500 crore out of a target raise of Rs 2,000 crore, said the company.
Warehousing demand pan India
“The in-city facility is expected to bridge the gap between escalating demand from the booming e-commerce, quick commerce and rapid-delivery-services sectors and the availability of good quality logistics infrastructure located in close proximity to existing and upcoming residential and commercial hubs,” the company said in a statement.
“Not only is there a dearth of existing options, but existing options are also typically unorganized, make-shift, inefficient and often non-compliant. As per research estimates, the in-city warehousing demand pan-India is expected to exceed 90 million square feet over the next 4-5 years," it added.
“We are thrilled to launch our first Grade-A in-city facility in Thane, MMR. The surge in demand for in-city warehousing spaces, with projected requirements reaching 16 million square feet in MMR by FY28, is undeniable,” said Anshul Singhal, Managing Director of Welspun One. “As businesses prioritise faster order-to-delivery times, having access to efficient logistics infrastructure located in close physical proximity to the customer is critical to meeting their business requirements.”
Also read: Welspun One Logistics Parks raises Rs 1,000 crore for its second fund
The company’s statement added that the project has an outlay of Rs 600 crore, with features that include dedicated docks, dust-free parking bays, vertical transportation facilities etc. The facility will be strategically located in close proximity to the prime eastern suburbs of Thane and Mulund, as well as the eastern express highway.
The purpose-built facility can accommodate tenants from diverse industries and use cases ranging from warehousing and logistics applications like e-commerce, rapid delivery, grocery, pharmaceutical and cold storage to quasi industrial applications such as cloud kitchens, service centres and R&D/medical lab facilities, to name a few, said the company.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
