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Welspun One Logistics Parks Acquires Two Land Parcels In Lucknow, Farukhnagar
The projects will be executed under Welspun One''s first Alternate Investment Fund (AIF) product "Welspun One Logistics Parks Fund I", launched earlier this year
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Welspun One Logistics Parks (WOLP) on Tuesday announced its entry into North India with the acquisition of two land parcels spread across Lucknow in Uttar Pradesh and Farukhnagar in Haryana for developing warehousing projects with an investment of Rs 180 crore.
The projects will be executed under Welspun One''s first Alternate Investment Fund (AIF) product "Welspun One Logistics Parks Fund I", launched earlier this year, a company statement said.
With a gross leasable area aggregating to approximately 8 lakh sq ft, the projects will be rented to blue-chip tenants from sectors such as e-commerce, third-party logistics, and FMCG / FMCD, among others, it said.
"With the acquisition of land in Lucknow and Farukhnagar, not only are we offering warehousing facilities designed as per customer needs and in line with global standards, but these developments also mark an important milestone for the local communities as the parks have a potential to create employment opportunities for over 1,500 people approximately across Northern India," said B Goenka, Chairman, Welspun Group.
The projects are aimed at developing fully-compliant warehousing projects incorporating modern infrastructure and backed by cutting edge technology, WOLP said.
Welspun One is the first institutional platform venturing into Lucknow, it said, adding their upcoming development located off the Lucknow-Kanpur highway will arm them to better service the population of Kanpur, Agra, Jhansi, Rae Bareily, Varanasi, Faizabad, and Prayagraj besides the residents of Lucknow.
To expedite construction, WOLP has already acquired the necessary estate from a prominent warehousing developer - PlusNineOne, led by Yash Malhotra. Through this association, Malhotra will continue to be an integral part of Welspun One''s expansion plan across this region, as per the release.
WOLP said its proposed project in Farukhnagar is one of the few sites in this established warehousing hub providing an independent and dedicated campus to an occupier while being easily accessible to State Highway 15A.
Further, proximity to prominent trade centres, easy access to Delhi-Jaipur Highway and connectivity to the Indira Gandhi International Airport coupled with Haryana''s industry-friendly policies make it one of the most favourable and convenient destinations for setting up a modern warehousing and industrial park, WOPL said.
"A recent advancement is the emergence of Tier II & III cities as the new engines of warehousing demand, in the backdrop of online shopping through improved internet penetration supported by income growth and aspirational spend patterns witnessed in the hinterlands," said Anshul Singhal, Managing Director, Welspun One Logistics Parks.
WOLP, is therefore keen on expanding its footprint across India, including the non-metro markets and being the first institutional Grade-A warehousing player in Lucknow makes it even more exhilarating, he stated.
"Further, to fortify our aim of becoming one of the most preferred warehousing companies in the country, we shall also focus on building conversation with local players alongside whom we can source land and build first-rate facilities," Singhal added.