Welspun One inks Rs 2,000-cr investment pact with Tamil Nadu government
Welspun One, an integrated fund and development management platform, has entered into its second Memorandum of Understanding (MoU) with the government of Tamil Nadu to invest over Rs 2,000 crore over the next five years taking its total investment in the southern state to Rs 4,500 crore.
This strategic move solidifies the company’s commitment to the state's economic development and follows an earlier agreement for investment of Rs 2,500 crore inked in 2021.
The new pact outlines Welspun One's plan to drive the proposed development of industrial and logistics parks that are expected to generate direct employment opportunities for 5,000 people and contribute to the development of ancillary industries, creating indirect employment opportunities for 10,000 people.
«Welspun One's ongoing commitment to invest in Tamil Nadu reflects a collaborative spirit and a common resolve to meet all mutually agreed obligations, guided by the facilitation of Guidance, the pivotal agency of the Government of Tamil Nadu for investment promotion,” said Balkrishan Goenka, Chairman, Welspun World.
He expressed confidence the collaborations and projects will play a substantial role in shaping the industrial and economic dynamics of the region.
“Our first MoU with the Tamil Nadu Government laid a strong foundation, and we are on track with our investments as per the initial agreement. Our focus is on creating sustainable infrastructure, generating employment opportunities, and contributing meaningfully to the state's industrial growth,” said Anshul Singhal, Managing Director, Welspun One.
As part of the earlier pact signed with the state government, Welspun One has set up two projects in Tamil Nadu.
