Welspun Group promoters, through a closely held family office investment, acquires majority stake in warehousing platform- 'One Industrial Spaces'
The promoters of the USD 2.7 billion Welspun Group announced today that they have acquired a majority stake in One Industrial Spaces, an integrated fund, development and asset management organization focused on the warehousing sector in India.ANI | Mumbai (Maharashtra) | Updated: 06-12-2019 14:07 IST | Created: 06-12-2019 14:07 IST
Mumbai (Maharashtra) [India], Dec 6 (ANI/BusinessWire India): The promoters of the USD 2.7 billion Welspun Group announced today that they have acquired a majority stake in One Industrial Spaces, an integrated fund, development and asset management organization focused on the warehousing sector in India. The investment was made by the promoters in their personal capacity through a closely held family office investment vehicle.
The Welspun Group is one of India's fastest-growing global conglomerates with business interests in line pipes, home textiles, infrastructure, oil and gas, advanced textiles and floorings solutions. One Industrial Spaces was founded in July 2019 by Anshul Singhal.
As a result of the acquisition, One Industrial Spaces will be re-branded as 'Welspun One Logistics Parks'. 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 USD 50 million and development potential of over 5 million square feet of Grade-A industrial or warehousing space.
This includes a marquee approximately three million square feet project in MMR. "The warehousing sector presents an attractive investment proposition as it provides both development returns as well as stable long-term rental yields. Indian consumers demand same-day delivery both online and offline, which has resulted in an increased strategic back-end storage requirement," said BK Goenka, Chairman, Welspun Group.
"We have been looking to enter this space as warehousing demand is poised to grow aggressively. I am confident that under the leadership of Anshul Singhal, Welspun One is well placed to scale this business," Goenka added. "We are excited to have the backing of the Welspun Group promoters to grow the vision of the company. Currently, a big challenge for existing players in this space is the land acquisition and approvals. As Welspun One, we are uniquely positioned to address these challenges," said Anshul Singhal, Managing Director, Welspun One.
"We can now leverage their deep understanding and experience in buying large land parcels and successfully executing millions of square feet of industrial and infrastructure projects pan India. We believe this will meaningfully improve the overall value proposition for our stakeholders. Our goal is to emerge as India's most preferred warehousing company," he added. 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 organized, transparent and institutional manner.
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