Rs. 700 crore investment for developing two warehouses near Chennai

Welspun One Logistics Parks (WOLP) has partnered with jewellery maker GRT Group, to invest Rs. 700 crore for developing two warehousing projects near Chennai. WOLP in an official statement said that both the projects with GRT Group will entail a direct investment of Rs 700 crore and generate 3,000 jobs during the development phase and are strategically located on National Highway 16 – an integral part of the East Coast Economic Corridor (ECEC). Each park is spread across 60 acres of land with a development potential of 1.3 million square feet, the company said in a statement. The first project is being developed through a 50:50 joint venture between GRT Group and WOLP; it also marks the final investment of WOLP Fund 1 and results in the full commitment of the fund corpus of Rs 500 crore. The second project is being developed by WOLP for GRT Group under a “development management” agreement, according to a WOLP statement.