Welspun One Logistics Parks on Wednesday said it has inked a leasing pact with Murugappa Group's EV manufacturing arm Montra Electric to develop a build-to-suit facility.
Under the partnership, Welspun One will construct the facility, encompassing a dedicated assembly space tailored for four-wheeler small commercial electric vehicles and a retail experience centre, the company said in a statement.
The project is part of an Rs 2,500 crore investment memorandum of understanding (MoU) signed by Welspun One with the Tamil Nadu government, underlining the company's commitment to fostering regional economic growth, it added.
Located within the Welspun One logistics and warehousing park in Chinnambedu in Chennai, the facility is expected to commence operations by the second quarter of 2024.
The mixed-use development spans over 3-lakh sq ft, including 50,000 sq ft of open space.
The facility is customised to meet Montra Electric's (from TIVOLT) precise requirements, Welspun One Logistics Parks (WOLP) said.
"We have partnered with Montra Electric (from TIVOLT) to create a one-of-a-kind build-to-suit facility in Chennai. Our asset-light and investment-friendly approach perfectly aligns with Montra Electric's (from TIVOLT) vision," Welspun One Managing Director Anshul Singhal said.
Situated along the eastern coast of India, this cluster offers connectivity through rail and road networks while being in close proximity to major seaports in Chennai and Ennore, WOLP said.
"Welspun One has an exceptional ability to seamlessly align and understand the company's objectives. They have adeptly addressed its unique power supply needs, a crucial prerequisite for EV manufacturing," said Montra Electric (from TIVOLT).