Welspun One Logistics and Fine Organic Lease SEZ Land at JN Port

Welspun One Logistics Parks Pvt Ltd, the warehousing platform affiliated with the Welspun Group, and Fine Organic Industries Ltd, a Mumbai-listed specialty additives manufacturer, are among the 14 entities securing leases for land at the Jawaharlal Nehru Port Authority Special Economic Zone (JNPA SEZ) through an auction.

The auction, encompassing 116 acres of JNPA SEZ land on a 60-year lease, garnered an upfront amount of Rs. 426 crores for the port authority. Bidders quoted approximately 15 percent more than the reserve price set by the port authority, with some plots fetching bids that were 40 percent higher than the reserve price.

Welspun One Logistics has acquired 54 acres of land for the development of warehousing facilities, while Fine Organics has secured 30 acres at the JNPA SEZ, marking the first port-based multi-product SEZ at a major port owned by the Union government.

Sanjay Sethi, Chairman of the Jawaharlal Nehru Port Authority, highlighted the significant investments expected from Welspun One Logistics and Fine Organic, estimating a total investment of more than Rs 1,500 crores in setting up facilities at the SEZ. The investment per acre is anticipated to be around Rs 3 crores, as per tender conditions, but may reach 5-6 times that amount in some cases.

Out of the total leasable land in the SEZ, which amounts to 163 hectares, 62 hectares have already been allotted to 31 units. Nine units and one free trade warehousing zone (FTWZ) have commenced operations, catering to warehousing, food processing, manufacturing, and trading.

Mahanagar Gas Ltd is slated to commission a gas pipeline inside the SEZ by April 2024, enhancing infrastructure within the zone. Sethi emphasized that the JNPA SEZ serves as more than just a business hub; it acts as a catalyst for economic progress, aiming to unlock its full potential for the benefit of investors and the larger region by providing state-of-the-art infrastructure and fostering a conducive business environment.

ET