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Welspun One, GRT Group to develop warehouses in TN with Rs.700-Cr investment

Economic Times  

Welspun One Logistics Parks (WOLP), an integrated fund and development warehousing platform, has partnered with GRT Group to develop two Grade-A warehousing projects in Tamil Nadu totalling over 2.6 million sq ft with a total investment of INR 700 crore. Each of these proposed parks will be spread across nearly 60 acres of land with a development potential of around 1.3 million sq. ft. The first project, being developed through a 50:50 joint venture between WOLP and GRT Group, marks the final investment of WOLP Fund 1 and results in the full commitment of the fund corpus of INR 500 crore. The second project is being developed by WOLP for GRT Group through a development management agreement. The projects are located on NH16 - a part of the East Coast Economic Corridor (ECEC) that is a prime component of the golden quadrilateral project in south India. In addition to Chennai city and Chennai port, they have good connectivity to Nellore, Visakhapatnam, Bhubaneswar, Balasore and Kolkata.