Safexpress to pump in Rs 1,000 cr for expansion | business | Hindustan Times
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Safexpress to pump in Rs 1,000 cr for expansion

Supply chain and logistics company Safexpress is planning to invest Rs 1,000 crore over the next five years to set up logistics parks and expand its fleet strength to meet the demand post central sales tax abolition in March 2010.

business Updated: May 24, 2009 12:39 IST

Supply chain and logistics company Safexpress is planning to invest Rs 1,000 crore over the next five years to set up logistics parks and expand its fleet strength to meet the demand post central sales tax abolition in March 2010.

"The company will invest Rs 1,000 crore over a period of five years to expand infrastructure," Safexpress Chairman and Managing Director Pawan Jain, who was in here to inaugurate a logistics park at Dankuni said.

"The company proposes to set up 32 ultra modern logistics park across the country in the next two years and would add another five lakh sq ft of warehousing space at a cost of Rs 600 crore," Safexpress GM (marketing) Vineet Kanaujia said.

The remaining Rs 400 crore would be infused in fleet expansion and investment in technology, the company said.

With the abolition of CST from April 2010, there would be a huge demand for outsourcing warehousing facilities as it would do away with certain hurdles like state specific billing and regulatory issues connected with movement of goods, Kanaujia added.

So far, the company has launched four logistics park in Ahmedabad, Nagpur, Gurgoan and Kolkata.