Welspun promoters acquire a majority stake in the storage company One Industrial Space
New Delhi, December 5 () The promoters of the Welspun group have acquired a majority stake in One Industrial Space, which is dedicated to the development of storage space, in their personal capacities.
One Industrial Space, which was founded in July 2019 by Anshul Singhal, will be renamed 'Welspun One Logistics Parks', according to a company statement.
The value of the agreement has not been disclosed.
Singhal will be the managing director of Welspun One.
The USD 2.7 billion Welspun Group promoters have acquired a majority stake in One Industrial Spaces, an integrated fund management, development and asset organization focused on the storage sector in India. The investment was made by the promoters in a personal capacity through a family office investment vehicle very close, he said.
The Welspun Group has commercial interests in pipelines, home textiles, infrastructure, oil and gas, advanced textiles and floor solutions.
Welspun One will also be the exclusive development manager of a portfolio of ready-made land assets that the developers own in their personal capacity with an estimated value of USD 50 million and a development potential of more than 5 million square feet of industrial or industrial space. Grade A storage, the statement said.
This includes a project of around 3 million square feet in MMR.
B K Goenka, president of the Welspun Group, said: The storage sector presents an attractive investment proposal, as it provides both long-term stable returns and development returns.
Indian consumers demand same-day delivery both online and offline, which has resulted in a greater requirement for strategic back-end storage, he said.
We have been looking to enter this space as storage demand is about to grow aggressively, Goenka said.
Singhal said: Currently, a great challenge for the existing players in this space is the acquisition and approval of land. As Welspun One, we are in a unique position to address these challenges. We can now leverage your deep understanding and experience in buying large plots of land and successfully execute millions of square feet of industrial and infrastructure projects in India. Welspun One will continue to develop its main fund, development and asset management business, 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