Welspun promoters acquire majority stake in warehousing firm One Industrial Space
One Industrial Space, which was founded in July 2019 by Anshul Singhal, will be re-branded as 'Welspun One Logistics Parks', a company statement said.
The deal value has not been disclosed.Singhal will be the managing director of Welspun One.
The Welspun Group has business interests in line pipes, home textiles, infrastructure, oil & gas, advanced textiles and floorings solutions."Welspun One will also be the exclusive development manager for a portfolio of ready land assets owned by the promoters in their personal capacity with an estimated value of USD 50 million and development potential of over 5 million square feet of Grade-A industrial or warehousing space," the statement said.
This includes around 3 million square feet project in MMR.B K Goenka, chairman, Welspun Group said: "The warehousing sector presents an attractive investment proposition as it provides both development returns as well as stable long-term rental yields." Indian consumers demand same day delivery both online and offline, which has resulted in an increased strategic back-end storage requirement, he said.
"We have been looking to enter this space as warehousing demand is poised to grow aggressively," Goenka said.
Singhal said: "Currently, a big challenge for existing players in this space is the land acquisition and approvals. As Welspun One, we are uniquely positioned to address these challenges. We can now leverage their deep understanding and experience in buying large land parcels and successfully executing millions of square feet of industrial and infrastructure projects pan India."Welspun One will continue to build its core business of fund, development and asset management, which includes raising funds from domestic and foreign institutional investors to invest in the industrial asset class in India in an organized, transparent and institutional manner. MJH SHW SHW
(This story has not been edited by Business Insider and is auto-generated from a syndicated feed we subscribe to.)
- Here is why a ban on cryptocurrencies may not be even possible
- Chiacoin claims to be an eco-friendly cryptocurrency — here's how it works
- SII's Adar Poonawalla says it will take 2-3 years for the entire world population to get fully vaccinated
- India surpasses Brazil with more than 200 journalists succumbing to COVID-19 pandemic
- If you have taken Covishield shots, watch out for these blood clot symptoms listed out by India’s Health Ministry