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Welspun One Signs MoU With UP Govt To Invest Rs 2,000 crores For Logistics Park
Welspun One seeks to effectively utilise government and private land parcels in Lucknow for the construction of Grade A warehouse facilities and logistics parks
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Welspun One Logistics Parks (WOLP) has signed a 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 that concluded on Sunday.
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 Rs 2,000 crores in Uttar Pradesh. The warehousing facilities and logistics parks will be spread across approx. 6 million sq. ft. and will be built over a period of 3-4 years which will help generate 6000 jobs.
Balkrishan Goenka, Chairman, Welspun Group, said, “Our investment of Rs 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.”
The UP government 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.
Anshul Singhal, Managing Director, Welspun One Logistics Parks, said, “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.”