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Integrated fund and development management platform Welspun One Logistics Parks will develop two warehousing projects in Tamil Nadu at an investment of Rs 700 crore in a joint venture with the GRT Group, the company said on Tuesday.

This is part of Welspun One’s pact signed with the Tamil Nadu government in November last year to invest around Rs 2,500 crore in the state over a period of five years.

Each park will be spread across around 60 acres of land, with a development potential of around 1.3 million sq ft of space, said the company.

Tamil Nadu-based GRT Group has businesses across verticals such as jewellery, hospitality, warehousing, renewable power, education, and NBFC.

The first Grade A warehousing project is being developed through a 50:50 joint venture between GRT Group and Welspun One Logistics Parks. This also marks the final investment of Welspun One Logistics Parks Fund 1 and results in the full commitment of the fund corpus of Rs 500 crore, said the company.

The second Grade A project is being developed by Welspun One Logistics Parks for GRT Group under a ‘development management’ agreement, the company said.

The Grade A industrial and logistics campus will offer amenities and technology-driven processes which will enable users to carry out their supply chain operations in an efficient and seamless manner, it said.

“We are joining hands with the GRT Group for our first-ever JV. This strategic alliance kick starts our ambitious plans in the south,” said Anshul Singhal, Managing Director, Welspun One Logistics Parks.

The projects with GRT Group will entail a direct investment of Rs 700 crore and generate 3,000 jobs during the development phase, the company said.

The projects are located on NH16, an integral part of the East Coast Economic Corridor, which is a prime component of the golden quadrilateral project in South India, the company said and emphasised that the operational warehousing parks will drive the economic development of surrounding communities in the state.

In addition to Chennai city and Chennai port, the two upcoming facilities enjoy excellent connectivity to Nellore, Visakhapatnam, Bhubaneswar, Balasore and Kolkata, it added.

The GRT Group said it is participating in the rapidly growing warehousing and logistics real estate segment through its joint venture with Welspun One. It believes Welspun One’s in-depth knowledge of the industry will deliver “marquee development which will set new standards in this sector and the region”.