Welspun One Logistics Parks (WOLP) has signed a Memorandum of Understanding with the Government of Uttar Pradesh (UP) to expand its footprint in the North Indian warehousing sector. The MoU was signed during the UP Global Investors Summit 2023 held from February 10 to 12 in Lucknow and was attended by Prime Minister Narendra Modi and President Droupadi Murmu. WOLP aims to utilize government and private land parcels in Lucknow to build Grade A warehouse facilities and logistics parks. The company plans to invest INR 2,000 crores in UP and the facilities will spread across approximately 6 million sq. ft. and generate 6000 jobs over a period of 3-4 years.
The UP government has pledged to assist Welspun One Logistics Parks with relevant registrations, approvals, and clearances. WOLP, in turn, will provide best-in-class warehouse facilities to help the logistics industry in UP flourish. The investment will not only help Welspun One to grow its operations in the thriving warehousing and logistics market, but it will also demonstrate the company’s commitment to the Indian economy.
Managing Director of Welspun One Logistics Parks, Anshul Singhal, stated that UP is emerging as a leader in developing a robust supply chain network in India and has the potential to become a global supplier to various industries. Welspun One seeks to raise the standard of the sector’s operations in North India with this MoU.
In conclusion, the MoU between Welspun One Logistics Parks and the Government of Uttar Pradesh is a positive step towards the growth of the logistics and warehousing sector in North India. With WOLP’s investment and the UP government’s support, the region is poised to become a hub for logistics and warehousing operations.