Welspun One Logistics Parks (WOLP), a fund, development and asset manager, has signed a Memorandum of Understanding (MoU) with the Government of Karnataka to expand its presence in the warehousing sector in southern India and will be investing Rs 2,000 crore in the state.
WOLP plans to invest the capital over five years to develop 6.28 million square feet (msf) of Grade A warehouse facilities and logistics parks, the company said in a statement.
Chairman of Welspun Group, Balkrishan Goenka said, "This industry is going through a major transformation as more emerging sectors and other businesses create increasing demand. This association will boost our fundamental goal of developing cutting-edge facilities of the greatest calibre and aid us in taking the next leap forward."
The MoU was signed at the ongoing Invest Karnataka: Global Investors’ Meet 2022 in Bengaluru. Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman, and Minister of Commerce and Industry Piyush Goyal were among the attendees.
The company said in a statement that the state government has helped Welspun One Logistics Parks with pertinent registrations, required permissions, approvals, and clearances following the state's prevailing laws from the concerned authorities. "This will guarantee the company's activities run without incident. WOLP will efficiently deliver leading, world-class warehousing facilities to support the growth of Karnataka's logistics sector," it said.
As a stepping stone to bigger developments, Welspun One seeks to significantly raise the standard of the sector's operations in South India with this MoU, said Anshul Singhal, Managing Director, Welspun One Logistics Parks.