Apollo forays into logistics biz
Apollo International has announced its foray into the logistics business investing Rs 150 cr in Maharashtra in the first phase.india Updated: May 02, 2006 16:10 IST
Apollo International Limited has announced its foray into the logistics business with diversification into the Inland Container Depot/Container Freight Station segment.
The first site for the new business has been identified as Mumbai’s JNPT port in Maharashtra. The proposed project will entail investment of an estimated Rs 150 crores in its first phase. The company further plans to expand its operations in the other states of the country including Gujarat and Kerala.
The company has appointed Capt Kapil Anand as the Chief Executive Officer to spearhead its logistics business.
Speaking about its foray into the logistics business, Mr Raaja Kanwar, Managing Director, Apollo said, “The infrastructure segment in India is facing a lack of quality facilities. Apollo International’s entry into the logistics business, specifically the ICD/CFS space will help in reducing congestion at ports and facilitate the movement of import/export cargo in containers. We have identified the Container Freight Stations segment as a great potential area and thus providing an interesting business opportunity for diversification.”
Apollo International plans to initially set up operations in Western India (Near JNPT) as it contributes nearly 51% of the total Indian market, followed by Southern India (24%) and Northern India (19%). Going forward, North India is expected to be the fastest growing market of container traffic and emerging as the second most important region by 2009-10.