Welspun One Logistics Parks (WOLP), an integrated fund, development and asset management organization, has entered into a Memorandum of Understanding (MoU) with the Government of Karnataka to expand its presence in the warehousing sector in South India.

The company plans to spend a total of Rs 20 billion in Karnataka with the support of this association. The storage facilities and logistics parks will be spread over 6.28 million square meters and will be built over a period of five years, helping to generate more than 6,000 jobs.

“Our investment amount not only paves the way for Welspun One to expand into the growing warehousing and logistics market, but also clearly demonstrates our continued commitment to the Indian economy. This industry is undergoing a major transformation as more emerging sectors and other companies create increasing demand,” said Balkrishan Goenka, Chairman of Welspun Group. Welspun One aims to effectively utilize government and private plots in Karnataka for the construction of prime warehouse facilities and logistics parks, the company said in a release.

“As a stepping stone to larger developments, Welspun One aims to significantly increase the level of the industry's activities in South India with this MoU,” said Anshul Singhal, General Manager of Welspun One Logistics Parks.

The MoU was signed at the Invest Karnataka: Global Investors' Meet in Bangalore.