ALS forays into the ICD segment via joint venture
Under a joint venture with India Glycols Limited, ICD will be set up at an estimated project cost of 90 crore.
Apollo LogiSolutions Ltd (ALS) has announced its foray in the Inland Container Depot (ICD) segment by entering into joint venture (JV) named Kashipur Infrastructure Freight Terminal Private Limited with India Glycols Limited (IGL).
ALS, a logistics arm of Apollo International Limited, will hold 51 per cent in the joint venture. The JV will develop, manage and operate freight terminal at Kashipur, Uttarakhand at an estimated project cost of 90 crore. The JV will be funded through a combination of debt and equity. The facility is expected to be operational by April 2015. Commenting on the development, Raaja Kanwar, Vice Chairman and Managing Director, Apollo LogiSolutions said, “Our entry in the ICD segment is another significant step towards building integrated logistics capabilities. With this opportunity, we will not only be better equipped to handle and store containerised cargo but also provide our hinterland customers port services closer to their premises.”
US Bhartia, Chairman, IGL said, “We are excited to work with the team at ALS. We will be supported by ALS domain expertise to manage supply chain management of our inbound and outbound cargoes to and from the manufacturing plant and thereby this partnership will allow us to concentrate more on our core business.”
The Kashipur terminal is designed to serve captive volumes of IGL and is expected to capture third party volumes in the hinterland.