Welspun One Logistics Parks (WOLP), an integrated fund and development management platform, announced on September 6 that it was investing Rs 600 crore on a warehousing anchored mixed-use development in the Thane section of the Mumbai Metropolitan Region (MMR).
The company said it would construct 6 lakh sqft (built up area) on a 3.25 acre plot and plans to lease it to warehousing and logistics companies operating in the e-commerce, rapid delivery, grocery, pharmaceutical and cold storage domains.
This marks the first deployment of Welspun One Logistics Parks (WOLP) Fund 2, a category II AIF vehicle that has secured commitments of Rs 1,500 crore out of a target raise of Rs 2,000 crore, said the company.
The in-city facility is expected to bridge the gap between escalating demand from the booming e-commerce, quick commerce and rapid-delivery-services sectors and the availability of good quality logistics infrastructure located in close proximity to existing and upcoming residential and commercial hubs,” the company said in a statement.
“Not only is there a dearth of existing options, but existing options are also typically unorganized, make-shift, inefficient and often non-compliant. As per research estimates, the in-city warehousing demand pan-India is expected to exceed 90 million square feet over the next 4-5 years," it added.
The company’s statement added that the project has an outlay of Rs 600 crore, with features that include dedicated docks, dust-free parking bays, vertical transportation facilities etc. The facility will be strategically located in close proximity to the prime eastern suburbs of Thane and Mulund, as well as the eastern express highway.
The purpose-built facility can accommodate tenants from diverse industries and use cases ranging from warehousing and logistics applications like e-commerce, rapid delivery, grocery, pharmaceutical and cold storage to quasi-industrial applications such as cloud kitchens, service centres and R&D/medical lab facilities, to name a few, said the company.
