Welspun One signs MoU with Government of Karnataka to invest INR 2,000 crores
WOLP aims to create over 6,000 jobs with this association
Welspun One Logistics Parks (WOLP), an integrated fund, development and asset management organization, has signed a Memorandum of Understanding (MoU) with the Government of Karnataka to broaden its presence in the warehousing sector in South India.
The MoU was signed at the Invest Karnataka: Global Investors’ Meet which will take place from 2nd – 4th November, 2022 in Bengaluru. Honorable Prime Minister Shri Narendra Modi was the Chief Guest and the event was also attended by Smt. Nirmala Sitharaman, Shri Piyush Goyal among others.
Welspun One seeks to effectively utilise government and private land parcels in Karnataka for the construction of Grade A warehouse facilities and logistics parks. WOLP intends to spend a total of INR 2,000 crores in Karnataka with the support of this association. The warehousing facilities and logistics parks will spread across 6.28 million sq. ft. and will be built over a 5 year period which will help generate more than 6,000 jobs.
Balkrishan Goenka, Chairman, Welspun Group, said, “Our investment of INR 2,000 crores not only paves the way for Welspun One to expand into the growing warehousing and logistics market but also significantly demonstrates our ongoing dedication to the Indian economy. 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. We are really appreciative of the Karnataka government’s proactive support as we grow our operations.”
The state of Karnataka has shown its support by committing to assist Welspun One Logistics Parks with relevant registrations, necessary permissions, approvals and clearances as per prevailing policies from the concerned departments of the state. This will assure the smooth running of the operations undertaken by the company. To help Karnataka’s logistics industry flourish, WOLP in turn, will effectively supply leading, best-in-class warehouse facilities.
Anshul Singhal, Managing Director, Welspun One Logistics Parks, said, “We are delighted to be contributing to Karnataka’s logistics market by building high-performing and extremely efficient Grade A warehouses and Logistics Parks. We are really grateful to the Government of Karnataka for enabling us in obtaining the necessary clearances and approvals, which will help us expedite the construction process. 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.”
