Welspun One signs MoU with Government of Uttar Pradesh to invest INR 2,000 crores

Welspun One Logistics Parks (WOLP) aiming to broaden its presence in the warehousing sector in North India has signed a Memorandum of Understanding (MoU) with the Government of Uttar Pradesh (UP) at the UP Global Investors Summit 2023 which took place from 10 – 12 February 2023 in Lucknow.

 The summit was inaugurated by Prime Minister Narendra Modi and the valedictory session of the event was attended by Honorable President Smt. Droupadi Murmu.  Mr Lokanathan Nadar, Head of Corporate Affairs from Welspun One was also the panel speaker at the session: Uttar Pradesh – The Emerging Warehousing and Logistics Hub of India.

With UP aiming to be a $1 trillion economy, the state has identified the Logistics and warehousing sector as 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 INR 2,000 crores in the state of Uttar Pradesh with the support of this association. The warehousing facilities and logistics parks will be spread across approx. 6 million sq. ft. and will be built over a 3-4 years which will help generate 6000 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. 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.”

Balkrishan Goenka, Chairman, Welspun Group

The state has shown its support by committing to assist Welspun One Logistics Parks with relevant registrations, necessary permissions, approvals and clearances as per prevailing policies from the concerned departments of the state. This will assure the smooth running of the operations undertaken by the company. To help UP’s logistics industry flourish, WOLP in turn, will effectively supply leading, best-in-class warehouse facilities.

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. UP has emerged as a front-runner in developing a robust supply chain network in India, and has the potential to aid India’s aspirations to emerge as a global supplier to a range of industries. As a stepping stone to bigger developments, Welspun One seeks to significantly raise the standard of the sector’s operations in North India with this MoU.”

Anshul Singhal, Managing Director, Welspun One Logistics Parks

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