Welspun One Plans to Spend INR 2000 Crore For Setting Up Warehousing Facilities in Karnataka

Welspun One Logistics Parks (WOLP), a fund, development, and asset management, inked a Memorandum of Understanding (MoU) with the Government of Karnataka to extend its position in the southern India warehousing industry and would spend Rs 2,000 crore in the state.

The business intends to spend the funds over a period of five years to construct 6.28 million square feet (msf) of storage facilities and logistics parks of Grade A.

According to a business release, WOLP intends to spend the funds over the course of five years to create 6.28 million square feet (msf) of Class A warehousing facilities and logistics parks.

Balkrishan Goenka, the chairman of the Welspun Group, stated: "This industry is undergoing a significant shift as a growing number of developing industries and other enterprises increase demand. This partnership will assist us in achieving our primary objective of constructing the highest-quality, cutting-edge facilities and in taking the next step ahead."

The MOU was inked in Bengaluru at the current Invest Karnataka: Global Investors' Meet 2022. Attendees included Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman, and Minister of Commerce and Industry Piyush Goyal.

The firm said in a press release that the state government assisted Welspun One Logistics Parks with the necessary registrations, licences, approvals, and clearances in accordance with the state's legislation.

"This will ensure the company's operations are incident-free. WOLP would offer premier, world-class warehouse facilities to assist the expansion of Karnataka's logistics industry" it stated.

Anshul Singhal, managing director of Welspun One Logistics Parks, said that with this MOU, Welspun One aims to considerably increase the calibre of the sector's operations in South India as a stepping stone to larger projects.

Welspun One Logistics Parks (WOLP), headquartered in Lower Parel, Mumbai, is an integrated fund, asset, and development management organisation producing large-format, institutional Grade A warehouse & industrial parks throughout India.