Welspun inks deal with Karnataka for logistics park

Welspun One Logistics Parks (WOLP), an integrated fund, development and asset management organisation, has entered into a Memorandum of Understanding (MoU) with the government of Karnataka to broaden its presence in the warehousing sector in South India. The company intends to spend a total of Rs 20 billion in Karnataka with the support of this association. The warehousing facilities and logistics parks will be spread across 6.28 million sq ft and will be built over a five-year period, helping generate more than 6,000 jobs. “Our investment crore 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,” said Balkrishan Goenka, Chairman, Welspun Group. Welspun One seeks to effectively utilise government and private land parcels in Karnataka for the construction of Grade A warehouse facilities and logistics parks, the company said in a release. “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,” said Anshul Singhal, Managing Director, Welspun One Logistics Parks. The MoU was signed at the Invest Karnataka: Global Investors’ Meet in Bangalore. See also: Warehousing demand to hit all-time high by year-end: expertsActis, Mahindra Lifespaces tie-up for logistics realty