Welspun One inks MoU with Haryana govt to develop warehouses

Welspun One Logistics Parks (WOLP), a development and asset management platform, has signed a Memorandum of Understanding (MoU) with the Haryana Government to build large scale warehousing facilities across the state. The integrated fund, part of the $2.7 billion Welspun Group, would bring in an overall of Rs 1,500 crores in Haryana. The goal is to explore the available government land parcels to develop Grade A warehousing amenities across key warehousing micro-markets. The development potential of the projects via this deal is nearly five million sq ft to be produced over 3-4 years and would also help generate more employment over 4,500 jobs. With the collective investment yielding social and economic advantages, the state government has assured WOLP of its entire support, facilitating overall ease of doing business. In addition, the state government would facilitate the smooth operation of approval procedures and single-window approvals for WOLP projects. The state government has also assigned a reliable relationship manager to assure that all operations are time-bound and carried out efficiently. Anshul Singhal, WOLP Managing Director (MD), told the media that after partnering up with the Tamil Nadu Government to invest Rs 2,500 crore, which is going well, they are now ready to start strengthening their presence in the North. Due to the start of the Goods and Services Tax (GST) and the expansion of e-commerce, India's logistics and storage industries are on the verge of transformation. The growth of the online retail industry has resulted in increasing demand for warehouses, resulting in greater infrastructure and supply chain modernisation expenditures, and the industrial and logistics category has emerged as a significant development driver in real estate. Vijayendra Kumar, IAS Principal Secretary Industries and Commerce, Haryana Government, said that Haryana is emerging as a warehousing hub in NCR. Image Source Also read: Indian warehousing faces stiff challenge due to surging land prices