Welspun One to Develop Warehousing Park Near Mumbai
Welspun One Logistics Parks (WOLP) is planning to invest over Rs 900 crore to develop a 110-acre warehousing park in Bhiwandi near Mumbai on the warehousing and logistics sector, an asset class that's set to recover the fastest post Covid-19 pandemic. The company’s maiden project with a leasable area of 3.2 million sq ft is located on a contiguous land parcel fully owned by the promoters of Welspun Group, the Goenkas. The integrated fund, asset, and development management company has entered into a pact with the government of Maharashtra for this project and the necessary approvals are being sought under the Integrated Logistics Parks (ILP) policy. According to the company, this will be the first logistics parks equipped for Covid-19 and other such events that could affect operations. With pre-construction planning and design already in place, the park is expected to be operational by October-December 2021. “Our park in Bhiwandi is well suited to meet the requirements of a large number of end users including e-commerce, third party logistics (3PL), fast moving consumer goods (FMCG) and fast moving consumer durables (FMCD), modern retail, pharmaceutical and thus far has been very well received by large occupiers,” said Anshul Singhal, Managing Director, Welspun One. The project is being developed in phases with the necessary financing already tied-up in principle, alongside a construction loan which will be converted into a lease rental discounting facility on completion of each phase.
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