Welspun One to invest Rs 2,000 crore in UP over 4 years and help generate 6,000 jobs

Welspun One Logistics Parks (WOLP), an integrated fund, development and asset management organisation, has signed a Memorandum of Understanding (MoU) with Uttar Pradesh government to expand warehouse facilities with an investment of Rs 2,000 crores.

The company said in a statement that it has signed the MoU to broaden its presence in the warehousing sector in North India. The warehousing facilities and logistics parks will be spread across approximately 6 million sq. ft. and will be built over a 3-4 years which will help generate 6000 jobs, it said.

The MoU was signed at the UP Global Investors Summit 2023 which took place from February 10 – 12, 2023 in Lucknow.

Balkrishan Goenka, Chairman, Welspun Group, said, "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."

Uttar Pradesh is aiming to be a $1 trillion economy; 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.

The company said, "The state of UP 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, "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."