Welspun Group on Thursday said its promoters have bought a majority stake in One Industrial Spaces, an integrated fund, development and asset management organisation focused on the warehousing sector in India.
The company did not disclose the value of the transaction, but said the investment was made by the promoters in their personal capacity through a closely held family office investment vehicle.
A $2.7 billion enterprise, the Welspun Group has business interests in line pipes, home textiles, infrastructure, oil & gas, advanced textiles, and flooring 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.
On the acquisition, Welspun Group chairman B.K. Goenka said, “Indian consumers demand same-day delivery both online and offline, which has resulted in an increased strategic back-end storage requirement. We have been looking to enter this space as warehousing demand is poised to grow aggressively.”
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 sq. ft of Grade-A industrial/warehousing space.
It said it will continue to build its 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.