Welspun One pioneered India’s first AIF that provides an opportunity for domestic players to
in the booming warehouse business.
We ensure investments are carried out in a seamless and transparent manner without the hassle of
physical ownership. This SEBI-governed AIF takes the concept of financialization of real estate
a step further by providing an opportunity to invest across the entire asset creation cycle
from land acquisition, leasing and development.
Our overarching investment approach is to combine in-depth local understanding and experience
with a comprehensive set of institutional processes, research & analytics.
“Welspun One’s utmost clarity in their vision has helped us chart out the master planning
more efficiently. Their focus on quality and adherence to global compliance has played an
integral role in defining the design principles for the warehouses. WOLP’s openness and
collaborative approach has paved the way for cohesive planning and implementation.”
Tata Consultancy Engineers
“We wanted to equip our strategic land parcels with Grade-A warehouses that hold huge growth
potential in the current climate. As this mission was a step away from our core business, we
were looking at reliable and expert partnerships that would yield us the desired results.
Our joint venture with Welspun One Logistics Parks is a collaboration not just in business
but also in our strong commitment towards global compliance and transparency. WOLP brings to
the table, a deep understanding of the warehousing industry and its requirements that
enables us to capitalise on our land assets optimally.”
Project Update portal provided by Welspun One brings in a lot of transparency and clarity on
the exact status of the project and our Block at Welspun Bhiwandi. This clarity eases our
overall operational planning.
One of our prime reasons to associate with Welspun One Logistics Parks is their commitment
sustainable use of
resources—a philosophy in which we strongly believe. As we strengthen our presence in
this deal, our facility at Welspun One will help us provide a safe and healthy working
and boost our service offering to our valued customers.
SOUFIANI, MD, FM Logistic India
We believe in setting up quality facilities in strategic locations and are happy to work
such as Welspun
One, who are vested in the growth of our express logistics business. The opening of centres
is a step in that direction and will be instrumental to our e-commerce fulfilment service as
we scale up
T. A. KrishnanChief Executive Officer & Co-founder
Our partnership with Welspun One has been fantastic one. With their strong fundamentals,
quality development and an experienced team to handle solution-based approach for its
clients, we have been able to successfully conclude transactions across Bhiwandi and Lucknow
Logistics parks. ANAROCK sincerely anticipates deeper engagements and many more transactions
going forward. Good luck to the entire team
Shobhit AgarwalMD & CEO, ANAROCK Capital Advisors Pvt. Ltd.
Sure Shot Suggestions is proud to have serviced Welspun One Logistics Park in Bhiwandi.
Our client Ecom Express has been very happy closing this 1.50 lacs sq.ft. transaction in one
of the largest fully compliant, international standard warehousing park.
Sure shot thanks and appreciates the entire team of Welspun for all their Cooperation and
Warehouses are a specialized class of real estate assets which are the modern day
of “godowns”. A modern or “Grade A” warehouse is built with careful planning and
to details which ensure the highest efficiency and throughput for its occupiers-
include building level features like 12-15 meter height, specialized flooring,
for truck loading and unloading, fire and safety features, etc. and park level
well planned traffic management, adequate parking, security, etc.
In addition to storage, today’s warehouses are used for various “value added”
including packaging, sorting, quality check activities, etc., and light
assembly operations by occupiers which may include e-commerce & logistics
retailers, FMCG/FMCD, Pharma, manufacturing, etc.
The warehousing sector is at an inflection point and is poised for significant
growth in the
coming years, aided by multiple factors including favourable regulation, growth
consumption volumes, explosion in e-commerce transactions and long-term
growth. Further, huge gap in demand and supply, lesser approvals, shorter
cycles, longer leases and strong balance sheet tenants looking for large format
assets has made this real estate investment a preferred option for global
investors. This is evident from the fact that in the last 5 years, Grade A
attracted commitments to the tune of USD 6BN from marquee global private equity
pension funds like Blackstone, Canadian Pension Plan Investment Board, Allianz,
Stanley, GIC Singapore, Ascendas and Mapletree to name a few.
Moreover, post Covid-19, warehousing emerged as a resilient asset class as it was
impacted than other real estate segments by Covid-induced disruptions (as they
part of any business’ supply chain), and thus, gained prominence in the
portfolio allocation of
various global private equity and pension funds.
India’s warehousing stock stands at ~280MM sf as of June 2022, and is expected to
~500MM sf by Dec-2025, implying a CAGR of ~18%. Grade A stock stands at ~128MM
sf as of
June 2022. In comparison to this, China has total warehousing stock of over 11BN
sf and USA,
with 1/4th of India’s population, has over 15BN sf.
The average annual demand of warehousing in India is ~35-40MM sf. The Fund’s
portfolio size ~10-12MM sf over a 6 year period, or ~1.7-2.0MM sf p.a., which is
~4-5% of total
market demand and can be easily serviced by WOLP team.
One of the primary objectives of the government under the National Logistics
Policy (NLP) is
to reduce the logistics cost as percentage to GDP, which currently stands at 14%
for India visà-vis 6-8% for other large economies. This is where warehousing as
a critical component of
logistics will play a major role and hence government has brought in multiple
initiatives to support/stimulate the growth of warehousing sector. GST was the
that helped occupiers in consolidation of smaller warehouses and has brought
warehousing in the limelight. Other policies that will directly or indirectly
spur the growth of
warehousing include various state level warehousing/logistics policies,
to logistics sector, national masterplan for multi-modal connectivity, Make in
Production Linked Incentive, availability of REIT/InVIT vehicles, corporate tax
Warehousing sector emerged as a resilient asset class post Covid-19 as it was
than other asset classes including commercial real estate by Covid-induced
occupancy of office space went down significantly given multiple rounds of
lockdowns and the
ensuing trend of “work from home”, warehouses continued to function as they
integral part of the supply chain for delivery of essential and non-essential
In fact, warehousing demand increased significantly during this period due to
e-commerce sector which saw accelerated growth and a sharp increase in
Covid-19 induced lockdowns promoted online buying behaviour.
There was an increased emphasis on supply chain realignment/ diversification both
and globally, aided by China plus one strategy, which further boosted demand for
warehousing space. Moreover, companies got increasingly keen to move operations
Grade B facilities to well-planned, fully compliant Grade A facilities, in order
to ensure worker
safety in a post-Covid world.
Warehousing development is considered unique on multiple counts:
Land acquisition and approvals:: : large radius in the
outskirts of cities, within which land
can be acquired, implying increased land options available at relatively
Conversions and approvals: Fewer and faster approvals with
standard process and
enough precedence as most of the land lies outside city municipal limits.
Development: Warehouses are horizontal developments, with
short construction cycles
and low design complexity. Pre-engineered buildings are designed and built
and directly installed at site, reducing the time to complete. Moreover, due
development, each warehouse can operate as a standalone box, irrespective of
completion status of other warehouses in the park which is not the case with
structures for residential and commercial buildings.
Leasing: : Significant portion of development is undertaken
on “built-to-suit” basis for blue
chip tenants. Hence, prior to committing capital on construction, usually a
commitment is signed and security deposit is collected from the tenant which
de-risks the project from a leasing perspective. Moreover, these leases have
(~9-20 years) and customers spend a significant amount on “fit outs” inside
(often more than the cost of the building itself), making the leases very
“sticky” in nature.
WOLP 2 is the only fund in India that allows domestic pool of capital (HNIs /
Family Offices /
Institutions) an opportunity to participate in warehousing development projects
via a SEBI
registered AIF. Investors get to see the full cycle of Buy-Lease-Build-Exit thus
opportunity to derive returns from the whole value chain. The Fund effectively
ownership in a physical real estate project but at the same time removes the
buying, project planning and execution, leasing, rent collection, maintenance,
large ticket size,
illiquidity/ exits etc. that come with conventional real estate ownership.
The Fund can be a great investment option in the asset allocation model for HNIs,
Offices, Corporates, Insurance companies, Pension Funds that are seeking to add
estate investment in their portfolio but in the form of financial units
(financialization of real
The Fund’s offering has a moderate-aggressive risk profile. The Fund is a
product with limited or zero distributions anticipated through the life of the
potential for capital appreciation at the end of the Fund life. However, there
guarantee/assurances of returns or protection of capital. The Fund is exposed to
including systemic, market, economic, political and business risks. Please refer
to the Fund's
PPM for a more detailed account of the same.
The Fund tenure is 6 years from the first close, and is extendable by two periods
of 1 year
each, subject to consent of two-third majority of investors.
The Fund is targeting Gross IRR of ~20-21%1,2,3.
1 Gross deal level returns, pre-fund level fee, promote and taxes;
Deal level returns are net of all
projects level costs including approval costs, construction costs and fees which
may be paid to
vendors, consultants or brokers, including an affiliate of WOLP
Returns are subject to market risks and there is no guarantee of achieving
target returns or
protection of capital; please refer scheme documentation for a detailed account
3Estimated IRR based on WOLP underwriting
The returns are not guaranteed as the investments are subject to various
economic, political and business risks. Please refer to the Fund's PPM for a
account of the same.
Investing in a 10 year G-Sec / AAA papers is akin to investing in a debt paper
albeit backed by
the government / corporate. The return profile is fixed and there are no interim
and if held to maturity there is no element of appreciation. Investing in WOLP
Fund 2 on the
other hand entails ownership of the underlying real asset, deriving value
through the full
development and exit cycle, having annual escalations and potential of capital
the time of exit. Moreover, the Fund’s investments are backed by the underlying
hence offering an element of downside protection. The Fund is expected to
development returns of ~20-21%, with net pre-tax returns in the hands of
investors of ~14-
17%, vs. ~6-9% in G-Sec / AAA rated bonds.
WOLP has adopted an integrated fund and development model, wherein all activities
the project lifecycle, starting from land acquisition to lease, development and
sale of the
completed, cash flowing asset, are managed by the in-house WOLP team. This
to maintain the highest levels of governance and transparency and tighter
controls on project
execution and delivery, thereby minimising cost and time overruns. The Fund is
thus able to
capture value across the entire project lifecycle and generate “Development
Profits” of ~20-
21% Gross IRR, instead of typical pre-leased asset return of ~13-14%.
WOLP and Welspun Group, as sponsor/anchor investors, shall jointly commit INR
75Cr in the
Fund. This will ensure alignment of interest between WOLP and Welspun Group, as
the other Fund investors. A similar amount was committed in WOLP Fund 1 as well.
The warehouses are leased to blue chip tenants with strong balance sheets from
sectors including e-commerce, third party logistics (3PL), retail, FMCG, etc.
Some of the
marquee tenants included in WOLP Fund 1 portfolio are Delhivery, Ecom Express
Warburg Pincus), FM Logistics, Asian Paints, Tata Croma, Flipkart (backed by
Emiza. There has been instance of repeat tenants across multiple locations.
Warehousing leases are typically long term in nature with tenure of ~9+ years and
~3-5 years. Warehousing leases typically have a built in escalation clause of
~4.5-5% p.a. If the
tenant annuls the contract prior to expiry of lease term, the tenant has to pay
remaining duration of lock in period. However an important point to note here is
that the fit-
outs cost incurred by the tenant before moving in are very high and they
amortised over the life of the lease. Hence moving out of the warehouse before
period ends is a loss making proposition for the tenants making the lease
The Fund typically invests in projects at a “greenfield” or land stage. At this
stage, there are
typically no formal contracted pre-lease arrangements with tenants and such
are usually possible only post acquisition of the land. However, as a strategy
each acquisition by a detailed market diligence including potential demand for
the subject site
and competing supply. WOLP also seeks informal or soft commitments from tenants.
these comforts WOLP proceeds to acquire the land. Once the land is bought,
towards construction is only done after signing lease commitments with tenants
and after the
tenant has paid a security deposit.
The Logistics and Warehousing sector have been awarded infrastructure status by
government, hence the construction finance for our projects is easily available
rates from various leading banks. Further, banks look at this asset class
favourably since, given
most of the development takes place post leasing there is a guaranteed take out
for the bank
by way of rental securitization. In Fund 1, we have obtained funding from HDFC
Bank for our
Bhiwandi asset and IndusInd Bank for Lucknow, Farrukhnagar (Gurgaon) and
WOLP’s development management team offers asset management services to the
entities, which will also include rent collection among other services. We have
a dedicated in-
house rent collection team that ensures continuity and red flags for any
From the rent continuity perspective, there are enough safeguards that have been
place. The warehouses are leased to blue chip tenants with strong balance
Warehousing rent typically forms ~15-20% of total logistics cost hence
sensitivity to overall
logistics cost due to increase in rents is not so high. Further, warehousing
forms a critical part
in a business’ supply chain operations and the fit out costs incurred by the
tenants are very
high. All these factors reduce the chances of default in warehousing leases.
agreement with tenants capture adequate penal provisions to protect the lessor
in case of a
default, including forfeiture of security deposits.
The Fund will primarily invest in warehousing development projects and exit
generating asset to institutional buyers/ REITs or INVITs. There is a huge
institutional buyers for Grade A compliant warehousing assets. Recent deals
capital buying a Morgan Stanley asset for USD 83MM, Blackstone buying the
portfolio for USD 700MM, Canadian Pension Plan Investment Board committing USD
with Indospace, Mapletree buying select Morgan Stanley assets for USD 63MM to
name a few.
The gain from Fund’s investment will be realised in the form of capital gains at
the time of exit
from projects, hence the distribution to the Fund investors shall also be
back-ended, closer to
the end of Fund term. In case some of the projects are exited sooner than end of
term, realisation from such projects shall be distributed to the investors
Grade A warehousing assets offer stable yield of ~7-8% p.a., with contracted
escalation of ~5%
p.a., giving them unlevered returns of 12-13% which can be further improved by
Such a return profile, backed by real assets and long term leases to high
quality tenants is
attractive for these investors. Post Covid-19, warehousing also emerged as a
class as it was less impacted compared to other real estate segments given its
critical role in
business’ supply chain operations. As a result, it has gained prominence in
strategy of various institutional investors due to superior risk return matrix
WOLP’s Fund 1 and Fund 2 are the only SEBI registered category 2 AIFs offering
investors an opportunity to participate in the warehousing development segment
transparent, organized and institutional manner.
There are few other institutional developers engaged in warehousing development
which are backed by foreign investors (and do not provide participation
domestic investors) such as Blackstone, Canadian Pension Plan Investment Board,
Capital, Morgan Stanley, GIC, Oxford, Temasek and Ivanhoe Cambridge to name a
investors have committed ~USD 6 BN in last 5 years in the Indian warehousing
It takes anywhere between 6-9 months from identification of land to acquisition,
completion of various detailed due diligences (title/ legal, technical,
financial) and fulfilment
of applicable transaction conditions. To ensure efficiency in deployment, monies
are paid to
acquire the land only after the entire process described above is completed
Once the land is acquired, the approval timelines vary from state to state, and
may range from
3-9 months depending on the state level approval framework and policies.
Thereafter, it takes another 8-9 months to complete construction of each
structure and handover over to a potential tenant. The delivery of all the
warehouses in the
entire park is staggered (depending on leasing demand) and typically happens in
Thus, it takes ~2-3 years to complete the construction and delivery of the
entire park post land
Warehousing developments are horizontal structures, with shorter development
low construction complexity. They involve fewer and faster approvals, and even a
warehouse development (~1-2MM sf) project can typically be completed in ~2-3
land acquisition. Given horizontal nature of development, each warehouse can
operate as a
standalone box, completed, leased out and rent generating even while development
remaining park is underway. Warehouse development is also mostly “built to suit”
leased” which means that meaningful capital expenditure is only incurred once a
commitment is signed with a tenant, thereby minimizing leasing or market risk.
tenants typically incur significant capex on fit-outs and automation of the
warehouses as they
form critical part of their business’ supply chain operations, thus leading to
demand for long term leases, which helps them in efficient amortisation of capex
On the other hand, commercial properties have vertical structures, with long
cycle and high construction complexity. The approvals process takes much longer
warehousing, and the entire building needs to be completed in order to commence
on any floor. It typically takes ~5-6 years since land acquisition to project
vertical constructions are typically exposed to significant time and cost
overruns. Due to the
longer delivery cycles, pre-leasing is usually not possible. Moreover, since
is made by tenants in such properties, their leases tend to be shorter term and
less sticky than
warehousing, and are prone to vacancy risks.
Investment in warehousing via the Fund benefits investors on 2 counts:
Investors get to invest in warehousing real estate segment via a financial
avoiding the hassles of owning physical real estate viz. illiquidity, high
ticket size, maintenance etc. and instead owning units in their demat
account. These financial products are well-
regulated and employ a tax efficient structure.
Investors get to participate in development projects i.e. right from the
land stage through
the leasing and development journey to earn attractive development linked
returns and get
value derived on the entire value chain.
The Fund plans to invest in ~10-12 projects (based on cumulative offer size of
2,000Cr), and maintain judicious diversification in order to mitigate
concentration risks related
to single investment exposure, markets and micro-market exposure, tenant-wise
and vendor-wise exposure.
WOLP had launched its first Fund, Welspun One Logistics Parks Fund 1 (“WOLP Fund
similar investment strategy in 2021, and achieved final close with INR 500Cr in
The Fund has committed 100% of its net investible corpus in 6 warehousing
projects across 5
cities in ~2 years of launch, and is tracking inception-to-date Gross IRR of
. The expected hold-to-maturity Gross IRR is ~20-22%1,2,3. The Fund
expecting exits from 2 of its projects in early 2023.
The Fund’s total portfolio has cumulative gross leasable area of ~6.6 million
square feet, out
of which ~3.1 million square feet has been leased, ~1.0 million square feet has
over to tenants and ~2.0 million square feet is on track for delivery by April
The Fund has drawndown ~72.5% of total capital commitment or ~INR 366Cr as of
The Fund has committed 100% of its net investible corpus as of December 2022.
The Fund has leased warehousing space to blue chip companies from diverse sectors
3PL, express logistics, e-commerce, retail and FMCG across its projects. These
marquee players such as Delhivery, Ecom Express, FM Logistics, Asian Paints,
Flipkart and Emiza.
The estimated stabilized entry yield ranges from ~9-10% across various projects.
Fund 1 investor base includes various high net worth individuals, family offices
as well as a
provident fund investor.
Please refer to annexure 1 for key terms of the Fund.
WOLP Fund 2 is a SEBI registered Category 2 AIF.
The Fund may accept investments from high net worth individuals, bodies
insurance companies, pension funds, banks, financial institutions, sovereign
lateral institutions and other sophisticated and institutional investors, Hindu
proprietorship, association, trust, corporation, company, partnership, limited
partnership, limited liability company, co-operative society, non-banking
family offices, estates, foreign portfolio investors, government or government
authority, any other class of person and any body or organization of individuals
whether incorporated or not and whether incorporated in India or outside of
India, who are
eligible to invest in the Scheme and to hold Units in accordance with applicable
law. The Fund
can also accept investments from pension funds and charitable institutions
subject to their
Yes, NRIs can invest in the fund. However, a foreign investor shall fulfil the
Foreign investor is a resident of the country whose securities market
regulator is a
signatory to the International Organization of Securities Commission’s
Memorandum of Understanding (Appendix A Signatory) or a signatory to the
Memorandum of Understanding with SEBI. “Bilateral Memorandum of
SEBI” will mean a bilateral Memorandum of Understanding between SEBI and any
outside India that provides for information sharing arrangement as specified
2(ib) of Section 11 of the Securities and Exchange Board of India Act, 1992;
AIFs may accept commitment from an investor being a Government or Government
related investor, who does not meet the aforesaid condition, if the investor
is a resident in
the country as may be approved by the Government of India;
Foreign investor, or its underlying investors contributing 25% (twenty-five
more in the corpus of the investor or identified on the basis on control, is
not the person(s)
mentioned in the Sanctions List notified from time to time by the United
Council and is not a resident in the country identified in the public
statement of the Financial
Action Task Force as:
a jurisdiction having a strategic anti-money laundering or combating
the financing of
terrorism deficiencies to which counter measures apply; or
jurisdiction that has not made sufficient progress in addressing the
deficiencies or has
not committed to an action plan developed with the Financial Action
Task Force to address
For the purpose of the aforesaid clause, “control” includes the right to
appoint majority of the
directors or to control the management or policy decisions exercisable by a
person or persons
acting individually or in concert, directly or indirectly, including by
virtue of shareholding or
management rights or shareholders agreements or voting agreements or in any
US based NRIs are allowed to invest in the Fund in accordance with extant
laws of India.
The Fund is a close ended fund, and no exit shall be available to investors till
the end of the
Investment in Warehousing development projects entail upfront investment towards
acquisition of land and key approvals (60-70% of total project equity), and then
investment over a 2-3 year period towards development and construction cost for
The Fund will accordingly align its drawdown from investors with the deployment
project to minimize drag on fund returns. Thus, drawdowns from investors are
expected to be
made over ~3 years from the final close. The upfront drawdown at the time of
shall be 20% of commitment amount.
WOLP, as the investment manager of the Fund, may provide defaulting investor with
opportunity to remedy the default within 15 calendar days from the date of
notice to remedy
the default. If the default is not cured within the given period, the investment
exercise some remedial measures as per the provisions of the PPM including but
to charging the defaulting investor interest at 15% (excluding any tax) on the
suspension or termination of the rights to make future Capital Contributions and
of voting rights. Please refer to the Fund PPM for detailed provisions on
The Fund may offer co-investment opportunities to investors above a certain
ticket size in
select large deals. The Fund would offer co-investment only after investing
of its net investible corpus in the given deal.
The Fund shall invest such amount in liquid mutual funds or bank deposits or
assets of higher quality such as treasury bills, triparty repo dealing and
papers, certificates of deposits, etc. as permitted under the AIF regulations.
The final close shall held within a period of 12 months from the first close,
subject to an
extension of 6 months by WOLP, as the investment manager of the fund, in its
Within 45 days of investor on-boarding
Annual report of the Fund
Within 180 calendar days from end of
Quarterly newsletters with updates on the
Fund and its portfolio investments
Within 60 calendar days of end of relevant
Statement of accounts of contributors
Quarterly, within a period of 2 (two)
months from the end of the relevant
Shared with every Drawdown Notice
within a period of 10 Calendar Days from
the relevant Drawdown Date
Shared with every distribution within a
period of 10 calendar days from the
Advance tax letter or documents necessary
for the Contributor to claim credit for taxes
5 calendar days before the due date
Form 16A under the Income Tax Act, 1961
Within 60 calendar days of end of relevant
quarter, or such other timelines prescribed
by the Income Tax Act
Statement of income distributed by the
Fund in Form 64C of the Income Tax Act,
1961 & the annual tax letter of the Fund
Within the timelines prescribed by Income
In addition to the above, the Fund will also send event-based email updates to
WOLP strives to attain the highest standards of corporate governance, including
high level of
transparency and accessibility to its esteemed investors.
With that objective in mind, WOLP has created an investor portal that is first of
its kind in the
industry primarily aimed at providing all relevant data to investors at just
click of a button.
Investment details, including details of amount invested, units
allotted, amount pending
drawdown, next drawdown date, latest NAV, etc.
Document repository, which allows investors to access the
agreement, PPM, statement of accounts, tax statements, Fund’s quarterly
Fund’s annual reports and any other document issued by the Fund.
Fund’s portfolio details, including details of investments,
status of development, leasing,
hand over to tenants, etc. The portal even enables the investors to access
details of each
project including projected timelines, deployment status, construction
tenants along with live photographs and drone video shoots that will be
periodically. This would ensure complete transparency between the Fund and
WOLP has engaged an 18 member E&Y team, manned by a resident E&Y partner and
out of various project site offices, that does concurrent audit on all site
concurrent audit is done pre-facto, wherein whenever a bill is raised by a
contractor, the E&Y
team first audits whether the job is completed as per the contracted conditions
and only after
the team is satisfied with the quality and timelines of the job, the bill is
sent further for
WOLP also uses extensive technology to conduct weekly reviews on various
reviews are based on a digital project management dashboard, wherein data is
the E&Y team only. All WOLP employees have view-only rights to this dashboard,
cannot update/ modify any data. This gives the management team a full,
transparent view of
project status and can therefore take timely corrective actions to avoid cost
Investors are welcome to visit the site with prior notice of 2 working days.
WOLP has an in-house team of 140 professionals, in addition to 20 external
experts, with deep
local / institutional expertise in investments, leasing, development, asset
audit. Please refer to the fund information deck for organisation structure and
profiles of key
team members at WOLP.
A summary of prior experience of key team members is available on request.
Core team of WOLP has extensive relevant experience in real estate fund
investment, development as well as leasing. Some of the senior team members have
significant role in warehousing investment, development and leasing. On a
our senior team possesses 325+ years of real estate experience, has transacted
delivered ~225 MM sf of project area including ~65MM sf of warehousing area.
to the fund information deck to know more about relevant experience of the team.
A summary of prior experience of key team members is available on request.
WOLP has adopted an integrated fund and development model, wherein all activities
the project lifecycle, starting from land acquisition to lease, development and
sale of cash
flowing asset, are managed by WOLP, without dependence on external developers.
enables WOLP to maintain tighter controls on project execution and delivery,
minimising cost and time overruns. The Fund is thus able to capture value across
project lifecycle and generate “Development Profit” of 20-21%, instead of
asset return 13-14%.
The WOLP team is currently staffed to manage acquisitions of ~200-250acres of
leasing and delivery of ~[3-4]MM sf p.a.
The Fund will invest in project entities primarily in the form of unlisted equity
shares, and exit
via sale of these equity shares after completion (development and lease) of the
is typically expected to take ~2-3 years. Hence the income of the Fund will
primarily be in the
nature of long term capital gains for taxation purpose.
Since SEBI registered Category 2 AIF has a pass through status under income tax
for all income other than business income, any capital gains earned by the Fund
will be taxed
directly in the hands of the investors. At the same time, indexation benefit
applicable on the
instrument, through which the Fund makes its investment in project entities,
will also be
available to the end investors.
The applicable tax rate for long term capital gains on unlisted shares for
resident investors is
20% + surcharge (applicable to the investor) + cess.
Please note that the above rate is only indicative in nature, and you are
requested to consult
your tax advisor for detailed advice.
Please refer to the below table for tax rates applicable for NRIs (under the
Long Term Capital Gains
Short Term Capital Gains (unlisted equity)
Investors from certain countries including UAE, Qatar and Saudi Arabia are
capital gains on debentures and capital gain on equity shares is taxable in
India at rates
provided under the Act. They are required to pay the following tax on dividend
In case of an individual, the following documents are required - CVL
verification, identity proof,
address proof (Aadhar card in case of resident individual), PAN Card and
In case of a non-individual, the following documents are required – the
list, board resolution, address proof, UBO (Ultimate Beneficiary Owner)
There is a digital process available for on-boarding, which allows for online
We are in the process of obtaining Fund Management rating from a leading rating
Annexure 1 – Key Terms of WOLP Fund 2
Welspun One Logistics Parks Fund 2
Target Fund Size
INR 1,000Cr (additional up to INR 1,000Cr as Green Shoe option)
Sponsor / Anchor Commitment
6 years from First Close (extendable by two 1 year periods)
2 years from First Close (extendable by 1 year)
20% of capital commitment
To be charged at actuals, subject to a cap of 2.0% on Capital
(excluding applicable GST)
To be charged at actuals, subject to a cap of 0.5% p.a. on
(excluding applicable GST)
This disclaimer and any attachments (including any e-mail that accompanies it) (together
“this disclaimer”) is for general information only. This is an
“information only” disclaimer
and is not, and under no circumstances is it to be construed as, an offer to sell or a
solicitation of an offer to buy any interests and shall not under any circumstances be
construed as absolving any visitor to this website of its/their/his/her responsibility for
making an independent evaluation of the risks and potential rewards. The information
provided on this site is intended for review and receipt only by those persons who are
qualified (in accordance with applicable legal/regulatory definitions) in their respective
place of residence and/or business to view it, and the information is not intended under any
circumstances to be provided to any person who is not legally eligible to receive it. Any
recipient of information on this site who wishes to engage with Welspun One Logistics Parks
Private Limited in furtherance of any transaction or any relationship whatsoever must
consult his/her own tax, legal and investment professionals to determine whether such
relationship and/or transaction is suitable. This disclaimer as well as any other related
information do not purport to be all inclusive or to contain all the information that you
may need. The information set forth in this disclaimer has been compiled as of the date
hereof unless stated otherwise herein and the delivery of this disclaimer shall not create
any implication that the information contained herein is correct as of, or at any time
subsequent to, the date mentioned herein. There is no obligation of any kind on Welspun or
its affiliates to update or correct this disclaimer, nor will Welspun or its affiliates be
liable for any loss (direct, indirect or consequential) or damage suffered by any person as
a result of relying on any statement in, or omission from, this disclaimer. No
representation or warranty, express or implied, is or will be made in relation to, and no
responsibility or liability is or will be accepted by Welspun or its affiliates as to, or in
relation to, the accuracy, reliability, or completeness of any information contained in this
disclaimer and Welspun (for itself and on behalf of its affiliates) hereby expressly
disclaims any and all responsibility or liability or duty of care (other than in respect of
a fraudulent misrepresentation) for the fairness, currency, accuracy, reliability,
reasonableness and completeness of such information. Nothing contained herein may be relied
upon as a guarantee, promise, assurance, capital protection, or a representation as to the
future. All projections, estimations, forecasts, budgets and the like in this disclaimer are
illustrative exercises involving significant elements of judgment and analysis and using the
assumptions described herein may or may not prove to be correct. The actual outcome may be
materially affected by changes such as economic and/or other circumstances. Therefore, in
particular, but without prejudice to the generality of the foregoing, no representation or
warranty is given as to the achievability or reasonableness or any projection of the future,
budgets, forecasts, management targets or estimates, prospects or returns. You should not do
anything (including entry into any transaction of any kind) or forebear to do anything on
the basis of this disclaimer. Before entering into any arrangement, commitment or
transaction you should take steps to ensure that you understand the transaction and have
made an independent assessment of the appropriateness of the transaction in light of your
own objectives and circumstances, including the possible risks and benefits of entering into
such a transaction. No information, representations or opinions set out or expressed in this
disclaimer will form the basis of any contract. You will have been required to acknowledge
in an engagement letter, or will be required to acknowledge in any eventual engagement
letter (as applicable) that you have not relied on or been induced to enter into engaging
Welspun by any representation or warranty, except as expressly provided in such engagement
letter. Welspun expressly reserves the right, without giving reasons therefore, at any time
and in any respect, to amend or terminate discussions with you without prior notice and
disclaim hereby expressly any liability for any losses, costs or expenses incurred by that
client. Certain information contained herein constitutes “forward-looking statements”, which
can be identified by the use of forward-looking terminology such as “may”, “will”, “should”,
“expect”, “anticipate”, “target”, “project”, “estimate”, “intend”, “continue” or “believe”,
or the negatives thereof, or other variations thereon. Because of various risks and
uncertainties, actual events or results or actual performance may differ materially from the
events, results or performance reflected or contemplated in such forward-looking statements.
The risks of investment are set out in detail in the offering document.
Any use of this site shall be governed by the Laws of India and any conflict of law
provisions shall not apply. The exclusive forum for resolution of any dispute and/or claim
arising out of or in connection with this website shall be the courts at Mumbai,
Terms and Conditions
These Terms and Conditions (Terms) govern the “User's(s)” (as
defined below) access or availing
the Services (as defined below) being offered by Welspun One Logistics Parks Private Limited
(hereinafter Company or we
through its website
accessible at -
The Company has its principal place of business at Welspun One Dextrus, 6th Floor, Peninsula
Peninsula Corporate Park, Lower Parel (West), Mumbai 400013, India.
For the purposes of this Terms, the Users (as defined below) shall be referred to as “you” or
Part I- Introduction and Definitions
Please read the Terms carefully before using and accessing the
Website. Before accessing or
using the Website or availing any Services, you:
acknowledge that you have read, understood and accept these Terms and the Privacy
by clicking on the I agree; and
represent that you are 18 years or above and are otherwise legally competent to
a binding agreement.
We may modify the Terms any time by posting the changes on the Website and you agree that it
shall be your responsibility to ascertain the changes to the Terms, by viewing the revised
We will not be responsible for your failure to remain informed about such changes. However,
obtain your consent prior to any material changes pertaining to your continued use of any
after the new and/or revised Terms are effective, which would indicate that you have read,
and agreed to those Terms.
In order to avail the Services offered on the Website, you will be required to register on
Website by providing details of your name, address, contact details and such other details
may be required and create an account (Account) by setting
up your username and password.
shall not have more than one active account on the Website. Existing investors are not
to register on the Website and shall require their PAN and registered mobile number for
in. Additionally, you are prohibited from selling, trading, or otherwise transferring your
Account to another party or impersonating any other person for the purposing of creating an
Account with the Website.
User means and refers to any individual or a
body corporate who may avail the
as defined below or visits, uses or accesses the Website;
Services shall mean and refer to all services
offered by the Company, as updated on
Website from time-to-time;
Third Parties shall refer to any third-party
service providers such as vendors and
service providers including payment gateways, to process payments and manage payment
card information, being used by the Company to provide Services.
User Information shall mean any information
provided by the User including but not
limited to name, date of birth, telephone number, email address and residential
for the creation of an Account or otherwise for the purpose of availing/accessing
Part II- Access to the Website
To avail our Services, you will be required to register on the Website by following the
prescribed by us on the Website. You represent that you have all rights required to provide
information that you have provided to the Company, including the User Information and
that they are true and accurate.
You will be solely responsible for your acts on the Website including those conducted under
username or using your User Information. You are prohibited from sharing your username or
password or other login credentials to anyone else.
All User Information will be used and processed in accordance with these Terms and the
You understand that the Company shall adhere to reasonable security measures deemed to be
appropriate by the Company for the provision of the Services, including, without limitation,
using reasonable measures to secure your information (including User Information) from
unauthorized access and modifications. Such security measures shall be no less stringent
the measures used by the Company to secure its own information. You will not take any action
that will cause a breach of the security measures used by the Company.
Your access and use of the Website may possibly be disrupted due to technical or operational
difficulties, without prior notice of downtime.
You agree that you will comply with all applicable laws in relation to your access and use
the Website including but not limited to providing accurate information; ensuring that any
amount utilised for transactions in relation to the Services are from legitimate sources
and not made for the purpose of contravention and/or evasion of applicable laws. You further
confirm that you are not restricted by any legal/ regulatory/ judicial/ governmental/ other
authority, to access the Website and/or the Services.
By accessing and using the Website, you agree not to undertake
certain activities which
but are not limited to:
except as may be provided hereunder, copying, displaying, distributing,
publishing, reproducing, storing, transmitting, posting, translating, creating any
works, renting, or licensing the Website or any portion thereof;
downloading or copying any kind of information for the benefit of another
body corporate or any other party;
uploading, posting, or transmitting any information through the Website you do
a right to make available (such as the intellectual property of another party) or
infringing the proprietary rights of another party;
uploading, posting, or transmitting any material that contains software or any
any other computer code, files or programmes designed to interrupt, destroy or limit
functionality of any computer software or hardware or telecommunications equipment;
undertaking any action that imposes or may impose, in the Company's sole
unreasonable or disproportionately large load on the Company's infrastructure;
use of data mining, robots, or similar data gathering and extraction tools;
making any back-up or archival copies of the Website or any part thereof;
violating the restrictions in any robot exclusion headers on the Website or
otherwise circumventing any other measures employed to prevent or limit access to
deep-linking any portion of the Website for any purpose without the Company's
written permission; or
'framing', 'mirroring', or otherwise incorporating any part of the Website into
other website without the Company's prior written authorisation
attempting to probe, scan or test the vulnerability of a system or network,
the Website or to breach security or authentication measures without proper
Part III- Account, Password, and Security
You shall ensure and confirm that the User Information provided by you is complete, accurate
and up to date. If there is any change in the User Information, you shall promptly update
your User Information on the Website. If you provide any information that is untrue,
inaccurate, not current, incomplete, mis-leading, fraudulent, (or becomes untrue,
inaccurate, not current, incomplete, mis-leading or fraudulent), or if the Company has
reasonable grounds to suspect that such information belongs to any of the fore-going
categories, it will be deemed to be a breach of these Terms and the Company has the right to
suspend or terminate your Account and refuse any and all current or future use of the
Website (or any portion thereof) at its discretion, in addition to any right that the
Company may have against you at law or in equity.
You will be responsible for maintaining the confidentiality of the User Information and are
fully responsible for all activities that occur in your Account. You agree to (a)
immediately notify the Company of any unauthorized use of your User Information or any other
breach of security, and (b) ensure that you exit from your Account at the end of each
session. The Company cannot and will not be liable for any loss or damage arising from your
failure to comply with this provision.
Use of another User’s Account information for availing the Services is expressly prohibited.
Part IV- Intellectual Property:
The Company grants a limited right to Users to access and use the Website in accordance with
the Terms, on a non-exclusive, worldwide, revocable, royalty-free and non-transferable
basis, there are no other rights being granted to you on the Website or any of its contents
The Users agree and acknowledge that all content, material and information on the Website
including but not limited to newsletters, information, logos, designs, databases,
arrangement of databases, user interfaces, response formats, software, pictures, logos,
icons, including any intellectual property rights therein, are the sole property of the
Company, or its licensors as the case may be and you agree not to use or otherwise reproduce
separately, the aforementioned proprietary rights without obtaining the Company's prior
written consent. You agree to not remove, obscure, or otherwise alter any proprietary
notices appearing on any content on the Website, including copyright, trademark, and other
intellectual property notices.
You have no right to use any search mechanisms other than that provided on the Website, and
you will not use any web-crawler, robot or any data harvesting tools to access, monitor,
harvest, copy or scrape data in any manner from the Website.
Part V- Disclaimers:
The Website, the Services, and any content or information therein are provided "as is"
without warranty of any kind, either express or implied, including without limitation, any
implied warranties of merchantability, fitness for a particular purpose, or
non-infringement. The Company does not warrant, and hereby disclaims any warranties, either
express or implied, with respect to the accuracy, adequacy or completeness of the content of
or the Services provided through the Website. The Company does not warrant that the Website
will operate in an uninterrupted or error-free manner or that the Website is free of viruses
or other harmful components.
You expressly release the Company and where applicable its officers, employees, authorized
representatives and agents and representatives from any cost, damage, liability or other
consequence of any use of the Website by you.
You understand and acknowledge that it is at your own discretion and based on our judgment
that you avail Services on the Website
The Company reserves the right to remove any content on the Website.
The Website may contain links to third party websites. The Company shall not be responsible
in any manner for the contents of these third-party websites and if you should choose to use
the link to view the third-party websites, you choose to do so at your own risk. The Company
does not endorse the contents nor in any manner represent the accuracy or correctness of
information on such third-party websites.
Except as specifically set forth on the Website, any information contained therein is not an
offer to sell or an invitation or solicitation of an offer to buy any security or other
service. The Company does not offer any investment, tax or legal advice to anyone accessing
or using this Website and all investors are expected to obtain or rely on their own
independent advice with respect to any investments.
Part VI- Charges and Subscriptions to avail Services
No fees and charges shall be incurred that will be applicable for availing the Services.
Part VII- Limitation of Liability
The Company shall not be liable to you or any third party, whether in contract, tort,
negligence or otherwise, howsoever arising, whether in connection with these Terms, your
access and use of the Website and its contents and functionalities or for any reason related
to the operation of the Website, regardless of whether the claim or action is based on
contract, tort, warranty, indemnification or otherwise.
In no event shall the Company be liable to the User and any third party, for any loss of
profits (anticipated or real), loss of reputation, loss of data, or any direct, indirect,
special, incidental, consequential, punitive, tort or other damages, however caused, whether
or not it has been advised of the possibility of such damages.
In no event shall the Company be liable to the User for actions attributable to the Third
Parties providing Services on the Website.
Part IX - Indemnity
You agree to release, indemnify, and hold the Company and its affiliates and its officers,
employees, directors and agents harmless from any and all losses, damages, expenses, including
reasonable attorneys' fees, rights, claims, actions of any kind and injury arising out of or
relating to your breach of these Terms or your access or use of the Website or Services.
Part X - Complaints
You may communicate with the Company for any grievance that you
experience in connection
with the Services or the Website, at
Please provide your name, email address, physical address and contact numbers so that the
Company may be in a position to verify details or check the authenticity of the complaints.
Part X- Miscellaneous
Termination: The Company reserves the right to terminate
your access to the Website or any
Services at any time, for any reason, including if you violate these Terms or on account of
inactive/dormant User status, death, insolvency, or bankruptcy of the User, any restriction
imposed by any legal/governmental/judicial/regulatory/other authority, or for any other
arising out of applicable laws. You acknowledge the Company’s right to do so and waive any
claim that you may have arising from such termination. The Company may also in its sole
discretion and at any time discontinue the provision of the Website or Services, or any part
thereof. Notwithstanding such termination, all provisions of these Terms which by their
nature are intended to survive, shall survive termination and continue to be applicable.
Force Majeure: In no event shall the Company be liable for
any acts beyond its control or
for acts including but not limited to lockdowns, war, strike, riots, crime or act of God
such as flooding, earthquake, pandemics or other natural disasters. Any delay or failure in
the performance by Third Parties hereunder shall be excused if and to the extent caused by
the occurrence of acts beyond their control or other acts as mentioned above.
Access:The Company does not make any claim that the Website
and its contents may be
lawfully viewed or accessed in the jurisdiction you are viewing it in. You are solely
for complying with laws applicable to you.
Waiver: No waiver of any provision of these Terms shall be
binding unless executed and
notified by the Company in writing to you. No waiver of any of the provisions of these Terms
shall be deemed or shall constitute a waiver of any other provision and no waiver shall
constitute a continuing waiver. You hereby waive any present or future claims you have
against the Company arising from your use of the Website.
Assignment: You may not assign your obligations under these
Terms or any part thereof
without the prior written consent of the Company.
Severability: If any provision of these Terms is determined
to be invalid or unenforceable,
it will not affect the validity or enforceability of the other provisions of these Terms,
which shall remain in full force and effect.
Governing Law: These Terms are governed by the laws of
India. Any disputes that may arise in
connection herewith or relating to these Terms shall be subject to the exclusive
jurisdiction of the courts at Mumbai, Maharashtra, India.