Welspun One Logistics Parks (WOLP), an integrated fund and development management platform, has announced a build-to-suit lease agreement with Montra Electric (from TIVOLT), the 4-Wheeler electric vehicle manufacturer of the Murugappa Group.
Under this partnership, Welspun One will construct a build-to-suit (BTS) facility, encompassing Montra Electric’s (from TIVOLT) retail experience center and a dedicated assembly space tailored for four-wheeler small commercial EVs. Located within the Welspun One logistics and warehousing park in Chinnambedu, Chennai, the facility is projected to commence operations by the second quarter of 2024.
The mixed-use development spans over 3 lakh sq. ft., which includes 50,000 sq. ft. of open space. The facility is customised to meet Montra Electric’s (from TIVOLT) precise requirements, ensuring exceptional accessibility and specialised finished goods storage solutions, among other features.
The project is part of an Rs 2,500 crores investment Memorandum of Understanding (MoU) signed by Welspun One with the Government of Tamil Nadu, further underlining the company’s commitment to fostering regional economic growth.
This development is significant for the electric vehicle industry in India, as it signals a growing demand for EV manufacturing facilities. The new facility is expected to create jobs and boost the local economy in Chennai.