Welspun One, an integrated fund and development management organization, announced the signing of its second Memorandum of Understanding (MoU) with the Tamil Nadu Government, solidifying its commitment to the state's economic development. This strategic move entails an investment of INR 2000 Crores over the next 5 years and follows a successful INR 2500 Crore MoU inked in 2021.
The new MoUoutlines Welspun One's commitment to drive the proposed development of industrial and logistics parks with an estimated investment outlay of INR 2000 Crores over the next 5 years. This initiative is expected to generate direct employment opportunities for 5000 people and contribute to the development of ancillary industries, creating indirect employment opportunities for 10,000 people.
Commenting on this significant development, Balkrishan Goenka, Chairman, Welspun World, stated, "Welspun One's ongoing commitment to invest in Tamil Nadu reflects a collaborative spirit and a common resolve to meet all mutually agreed obligations, guided by the facilitation of Guidance, the pivotal agency of the Government of Tamil Nadu for investment promotion. We have full confidence that our collaborations and projects will play a substantial role in shaping the industrial and economic dynamics of the region.”
Anshul Singhal, Managing Director, Welspun One, added, "Our first MoU with the Tamil Nadu Government laid a strong foundation, and we are on track with our investments as per the initial agreement. Our focus is on creating sustainable infrastructure, generating employment opportunities, and contributing meaningfully to the state's industrial growth. This venture aligns with our belief of fostering innovation, collaboration, and community development. Welspun One remains committed to shaping a dynamic future for Tamil Nadu, and we are grateful for the continued support and collaboration with the state Government."
Under the initial MoU, Welspun One has accomplished the successful establishment of two projects. The Chinnambedu Industrial and Logistics Parks, developed in collaboration with the esteemed GRT Group, spanning approximately 119 acres, 2.33 million sq. ft. of high-quality leasable space. Additionally, the Bagalur Industrial and Logistic Parks covering about 39 acres, providing 0.95 million sq. ft. of grade-A leasable space. These initiatives have generated around 8000 jobs and secured partnerships with notable clients including Montra Electric (from TIVOLT), Parekh Integrated Solutions, and Yanmar.