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Welspun One signs a MoU with Tamil Nadu Government to invest INR 2500 Cr in the state

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Business | November 24, 2021 3:18:13 PM IST
Mumbai (Maharashtra) [India], November 24 (ANI/PRNewswire): Welspun One Logistics Parks (WOLP), a pan-India integrated fund, development, and asset management platform, part of the USD 3.5 billion Welspun Group, has signed a Memorandum of Understanding (MoU) with Guidance - the Government of Tamil Nadu's nodal agency, for investment promotion and single window facilitation.

This is towards setting up warehousing facilities across the state. The projects will be executed by Welspun One Logistics Parks and will bring direct investments of approximately INR 2500 Cr to Tamil Nadu. Under this MoU, a total of six projects have been proposed in prime warehousing micro-markets like Hosur, Sriperumbudur and Thiruvallur; totalling to a development potential of approximately 8 Mn sq. ft. to be built across a span of 5 years.

The MoU signifies a deep relationship between the Government of Tamil Nadu (GoTN) and Welspun One Logistics Parks with the collective aim of enriching the logistics infrastructure within the state. Considering the tangible social and economic benefits that the investments engender, the GoTN has assured support in streamlining the approval processes and single-window clearances for WOLP initiated projects to facilitate the overall ease of doing business. WOLP in turn, is determined to provide high-impact sustainable warehousing solutions by incorporating green infrastructure and an industry-led technology approach.

Commenting on the collaboration, Anshul Singhal, Managing Director, Welspun One Logistics Parks said, "We are extremely pleased to announce the signing of this MoU with the Government of Tamil Nadu. As per our blueprint, we are looking at developing approximately 400 acres of land in Tamil Nadu to build top-class, warehousing facilities. With every project, we aim to create a social impact and these projects have the potential to create over 8000 jobs."

Pooja Kulkarni, Managing Director (MD) & Chief Executive Officer (CEO), Guidance, said, "Over the past few years, India has made significant progress by building logistics infrastructure and undertaking various regulatory and structural reforms. Before the GST regime, most companies had multiple, small warehouses across states for the sole purpose of minimizing taxes. The introduction of GST allowed firms to start focusing on building efficient supply chain networks by establishing optimal-sized warehouses in fewer locations. We are happy to associate with Welspun One Logistics Parks to help Tamil Nadu set new standards in creating logistics infrastructure."

This story is provided by PRNewswire. ANI will not be responsible in any way for the content of this article. (ANI/PRNewswire)

 
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