The first venture is being developed by a 50:50 joint venture between GRT Group and WOLP; the second venture is being developed by WOLP for GRT Group beneath a “development management” settlement
The GRT Group has partnered with Welspun One Logistics Parks (WOLP), an built-in fund and improvement warehousing platform, to develop two Grade-A warehousing projects in Tamil Nadu. WOLP is the warehousing platform of the USD 2.3 billion world conglomerate, Welspun Group.
Each park shall be unfold throughout 60 acres of land, with a improvement potential of 1.3 million sq. ft. The projects are to be positioned on NH16 – a part of the East Coast Economic Corridor (ECEC). In addition to Chennai metropolis and Chennai port, they connect with Nellore, Vishakhapatnam, Bhubaneswar, Balasore and Kolkata.
The first venture is being developed by a 50:50 joint venture between GRT Group and WOLP; it additionally marks the ultimate funding of WOLP Fund 1. Welspun One Logistics Parks Fund I, is a warehousing fund that gives home establishments, HNIs, household places of work and NRIs, a chance to speculate in the warehousing and industrial actual property sector in India. The fund has a goal dimension of ₹500 crore.
The second venture is being developed by WOLP for GRT Group beneath a “development management” settlement.
The projects are being developed by Welspun as a part of its Memorandum of Understanding (MoU) with the Tamil Nadu authorities to speculate ₹2,500 crore in the State over a interval of 5 years. The projects with GRT Group will entail a direct funding of ₹700 crore and generate 3,000 jobs throughout the improvement part.
According to particulars offered by Welspun One Logistics Parks, the operational warehousing parks will drive the financial improvement of surrounding communities in the State.
Promoters of GRT Group mentioned that they had been excited to take part in the rapidly-growing warehousing and logistics actual property phase by this joint venture with Welspun One. Anshul Singhal, managing director, Welspun One Logistics Parks mentioned, “This alliance kicks starts our ambitious plans in the South.”
Founded in 1964, GRT Group is without doubt one of the main gamers in the jewelry house in Tamil Nadu. It is a diversified enterprise group with pursuits in jewelry, hospitality, renewable energy (photo voltaic and wind), training, NBFC, warehousing and agriculture.
