Welspun Group Promoters acquires majority stake in One Industrial Spaces
The promoters of the $ 2.7 billion Welspun Group recently announced their acquisition of a majority stake in One Industrial Spaces, an integrated fund, development and asset management organisation focused on the warehousing sector in India. The investment was made by the promoters in their personal capacity through a closely held family office investment vehicle.
As a result of the acquisition, One Industrial Spaces will be rebranded ‘Welspun One Logistics Parks’. Welspun One will also be the exclusive development manager for a portfolio of ready land assets owned by the promoters in their personal capacity with an estimated value of $ 50 million and development potential of over 5 million sq ft of Grade-A industrial or warehousing space. This includes a marquee 3 million sq ft project in MMR.
Commenting on the acquisition, BK Goenka, Chairman, Welspun Group, said, “The warehousing sector presents an attractive investment proposition as it provides both development returns as well as stable long-term rental yields. Indian consumers demand same-day delivery both online and offline, which has resulted in an increased strategic backend storage requirement. We have been looking to enter this space as warehousing demand is poised to grow aggressively. I am confident that under the leadership of Anshul Singhal, Welspun One is well placed to scale this business.”
For his part, Anshul Singhal, Managing Director, Welspun One, said “We are excited to have the backing of the Welspun Group promoters to grow the vision of the company. Currently, a big challenge for existing players in this space is land acquisition and approvals. As Welspun One, we are uniquely positioned to address these challenges. We can now leverage their deep understanding and experience in buying large land parcels and successfully executing millions of square feet of industrial and infrastructure projects pan India. We believe this will meaningfully improve the overall value proposition for our stakeholders. Our goal is to emerge as India’s most preferred warehousing company.”