Welspun One Logistics Parks to invest ₹2,000 cr in Uttar Pradesh warehousing facilities

New Delhi: Welspun One Logistics Parks (WOLP), an integrated fund, development and asset management organization, has signed a pact with the Uttar Pradesh government to set up warehousing facilities and logistics parks in the state at an investment of ₹2,000 crore.

The company said it has signed a Memorandum of Understanding (MoU) with the Government of Uttar Pradesh (UP) to broaden its presence in the warehousing sector in North India.

The MoU was signed at the UP Global Investors Summit 2023 which was held on 10-12 February 2023 in Lucknow.

Uttar Pradesh is aiming to be a $1 trillion economy, and the logistics and warehousing sector has been identified a priority sector to help achieve this target.

‘’Welspun One seeks to effectively utilise government and private land parcels in Lucknow for the construction of Grade A warehouse facilities and logistics parks. WOLP would invest ₹2,000 crore in the state of Uttar Pradesh with the support of this association,‘’ the company said in a statement.

The warehousing facilities and logistics parks will be spread across about 6 million square feet and will be built over 3-4 years which will help generate 6,000 jobs.

“Our investment of INR 2,000 crores 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.

“This association will boost our fundamental goal of developing cutting-edge facilities of the greatest calibre and aid us in taking the next leap forward. We are really appreciative of the UP government’s proactive support as we grow our operations,” he added.

“We are delighted to be contributing to UP’s logistics market by building high-performing and extremely efficient Grade A warehouses and Logistics Parks. We are really grateful to the Government of Uttar Pradesh for supporting us in obtaining the necessary clearances and approvals, which will help us expedite the construction process,” said Anshul Singhal, Managing Director, Welspun One Logistics Parks.