Integrated fund and development management platform Welspun One on Wednesday said it will set an in-city warehousing facility in Thane with an outlay of around Rs 600 crore. The facility is strategically located in close proximity to the prime eastern suburbs of Thane and Mulund and the eastern express highway, as per the company.
This marks the first deployment of Welspun One Logistics Parks Fund 2, a category II AIF vehicle, which has secured commitments of Rs 1,500 crore out of a target raise of Rs 2,000 crore to date, the company said. The Thane project, which entails a project outlay of approximately Rs 600 crore, will include dedicated docks, dust-free parking bays, vertical transportation facilities, among others, it said.
Anshul Singhal, Managing Director of Welspun One stated that they are launching their first Grade A In City facility in Thane, MMR and the surge in demand for in city warehousing spaces with requirements projected at 16 million square feet in MMR by FY2028. As businesses prioritize faster order-to-delivery times, having access to efficient logistics infrastructure which is located in close physical proximity to the customer is critical to meeting their business requirements, he said.
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. The purpose-built facility can accommodate tenants from diverse industries and use cases ranging from warehousing and logistics applications such as e-commerce, rapid delivery, grocery, pharmaceutical and cold storage to quasi-industrial applications like cloud kitchens, service centers and R&D/medical lab facilities, among others, it said. Balkrishan Goenka, Chairman of Welspun Group stated that with few alternatives available, purpose build and fully equipped facilities that cater to needs of the ecosystem is in very high demand.
