Welspun One to invest Rs 2,000 cr in warehousing sector of Uttar Pradesh

Lucknow, Feb 14 (KNN) Welspun One Logistics Parks (WOLP) an integrated fund, development and asset management organisation has decided to invest Rs 2,000 crores in Uttar Pradesh to expand its presence in the warehousing sector.

WOLP inked an MoU with the Uttar Pradesh government during the recently concluded UP Global Investors Summit 2023.

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 6,000 jobs, the company said in a statement.

Speaking about the MoU signed, 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,” he said.

In its quest to achieve USD 1 trillion economy status, the Uttar Pradesh government has identified logistics and warehousing sector as priority sectors.  (KNN Bureau)