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Welspun promoters acquire stake in One Industrial Space

09
Dec '19
Pic: Shutterstock
Pic: Shutterstock
Promoters of India’s $2.7-billion Welspun Group have, in their personal capacities, acquired a majority stake in One Industrial Space, which develops warehousing space. One Industrial Space, founded in July 2019 by Anshul Singhal, will be re-branded as Welspun One Logistics Parks', according to a company statement. Singhal will be managing director of Welspun One.

The deal value has not been disclosed.

The Welspun Group has business interests in line pipes, home textiles, infrastructure, oil and 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 $50 million and development potential of over 5 million square feet of Grade-A industrial or warehousing space," the statement said.

Indian consumers demand same day delivery both online and offline, which has resulted in an increased strategic back-end storage requirement, a news agency quoted B K Goenka, chairman, Welspun Group, as saying.

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 organised, transparent and institutional manner.

Fibre2Fashion News Desk (DS)


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