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India's Welspun One raises Mumbai warehouse financial investment to satisfy cargo demand

India's Welspun One said on Wednesday it will invest an additional 20 billion rupees ($ 237.3 million). to broaden its Mumbai storage facility, intending to capitalize on strong. freight movement as more business set up manufacturing bases in. the nation.

Warehouse developers such as Welspun One are seeing a rise. in demand as business purchase India's economic development and. seek to diversify supply chains beyond China.

The facility situated in an unique economic zone beside. Jawaharlal Nehru Port - India's biggest container port by. throughput - will cover 4.45 million square feet after. growth.

This is approximately the size of 60 football fields and about. four times larger than at first prepared.

The project, which will produce 5,000 tasks, follows Welspun. One's financial investment of 7 billion rupees in the storage facility last. December, with growth now underway to fulfill the growing. export-import need at the Jawaharlal Nehru Port.

Strong financial development in Asia's third-largest economy,. together with steady domestic consumption, has actually kept freight movement. in and out of India robust.

Welspun One has 11 jobs across the nation, and three in. the western state of Maharashtra. The business intends to manage $1. billion worth of properties by 2025-end, up from the existing $854. million.

Last month, warehouse designer IndoSpace stated it would. increase its financial investments in the southern state of Tamil Nadu by. 41% over the next three years to satisfy the strong demand.

India's warehousing market is forecasted to go beyond $37. billion by 2032, up from $16.4 billion in 2023, according to. speaking with company IMARC Group. ($ 1 = 84.2690 Indian rupees)

(source: Reuters)