Welspun One Logistics Parks partners GRT Group, to invest Rs 700 crore for developing two warehousing projects near Chennai

WOLP said that both the projects with GRT Group will entail a direct investment of Rs 700 crore and generate 3,000 jobs during the development phase and are strategically located on National Highway 16 – an integral part of the East Coast Economic Corridor (ECEC).

Mumbai-based Welspun One Logistics Parks (WOLP), an integrated fund and development warehousing platform, on April 25, announced a partnership with jewellery maker GRT Group to invest Rs 700 crore in developing two Grade-A warehousing projects near Chennai.

Project details

Each park is spread across 60 acres of land with a development potential of 1.3 million square feet, the company said in a statement.

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, according to a WOLP statement.

Both projects are being undertaken as part of the memorandum of understanding with the Tamil Nadu government to invest Rs 2,500 crore in the state over five years.

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GRT Group profile

Founded in 1964, GRT Group has 57 jewellery showrooms across India and one in Singapore. The Group is a well-diversified business with interests in jewellery, hospitality, renewable power (solar and wind), education, warehousing, agriculture, etc.

Investment and employment

The company said that both the projects with GRT Group will entail a direct investment of Rs 700 crore and generate 3,000 jobs during the development phase and are strategically located on National Highway 16 – 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 port, they enjoy excellent connectivity to Nellore, Vishakhapatnam, Bhubaneswar, Balasore and Kolkata. The Grade A industrial and logistics campus will offer best-in-class amenities and technology-driven processes which will enable users to carry out their supply chain operations in an efficient and seamless manner," said the company statement.

Also read: Warehousing emerging as a big investment frontier on e-commerce boom, manufacturing hopes

“We are honoured to join hands with the esteemed GRT Group – a brand that personifies credibility and purity, 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," said Anshul Singhal, Managing Director, Welspun One Logistics Parks.

Also read: Welspun One Logistics Parks acquires 40 acres of land to set up warehouse in Bengaluru

On March 13, WOLP announced the launch of its second fund of Rs 2,000 crore, including a greenshoe option of Rs 1,000 crore. Welspun One Logistics Parks Fund 2 is the successor of WOLP Fund 1, a Securities and Exchange Board of India- regulated Alternative Investment Fund for domestic investors it launched in early 2021.