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

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

Each park is spread across around 60 acres of land with a development potential of around 1.3-million sq ft of space, it said.

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

The first Grade A warehousing project is being developed through a 50:50 joint venture between GRT Group and WOLP, the company said.

It also marks the final investment of WOLP Fund 1 and results in the full commitment of the fund corpus of Rs 500 crore, it said.

The second Grade A project is being developed by the WOLP 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, WOLP said.

The projects are strategically located on NH16 an integral part of the East Coast Economic Corridor (ECEC) which is a prime component of the golden quadrilateral project in south India, it 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 Group is participating in the rapidly growing warehousing and logistics real estate segment through its joint venture with Welspun One, GRT Group said.

We believe that WOLP's in-depth knowledge of the industry will deliver a marquee development which will set new standards in this sector and the region, it added.