The first project is being developed through a 50:50 joint venture between GRT Group and WOLP; The second project is being developed by WOLP for GRT Group under a “Development Management” agreement.
GRT Group has partnered with Welspun One Logistics Parks (WOLP), an integrated fund and development warehousing platform, to develop two Grade-A warehousing projects in Tamil Nadu. WOLP is the warehousing platform of the US$ 2.3 billion global conglomerate Welspun Group.
Each park will be spread over 60 acres of land, with a development potential of 1.3 million sq ft. The projects will be located on part of NH16 – East Coast Economic Corridor (ECEC). Apart from Chennai city and Chennai port, they connect to Nellore, Visakhapatnam, Bhubaneswar, Balasore and Kolkata.
The first project is being developed through a 50:50 joint venture between GRT Group and WOLP; This also marks the last investment of WOLP Fund 1. Welspun One Logistics Parks Fund I, a warehousing fund that provides an opportunity to domestic institutions, HNIs, family offices and NRIs to invest in the warehousing and industrial real estate sector in India. The target size of the fund is ₹500 crore.
The second project is being developed by WOLP for GRT Group under a “Development Management” agreement.
The projects are being developed by Welspun as part of its memorandum of understanding (MoU) with the Tamil Nadu government to invest Rs 2,500 crore in the state over a period of five years. The projects with GRT Group will see a direct investment of ₹700 crore and create 3,000 jobs during the development phase.
According to details provided by Welspun One Logistics Park, the operational warehousing park will drive economic development of the surrounding communities in the state.
The promoters of GRT Group said that they are excited to participate in the fast growing warehousing and logistics real estate segment through this joint venture with Welspun One. Anshul Singhal, Managing Director, Welspun One Logistics Park, said, “This alliance marks the beginning of our ambitious plans in the South.”
Established in the year 1964, GRT Group is one of the prominent players in the jewelery space in Tamil Nadu. It is a diversified business conglomerate with interests in jewellery, hospitality, renewable energy (solar & wind), education, NBFC, warehousing and agriculture.