Hong Kong-based logistics firm Kerry Logistics Network has picked up a 51% equity stake in Chennai-based logistics company Reliable Freight Forwarders for an undisclosed sum. The Indian promoters will hold 49% in the company now renamed as Kerry Reliable Logistics.
Though the deal has been announced recently, Kerry Reliable Logistics has been in operation in India since October 2006. The focus of Kerry Reliable Logistics in India will be mainly on establishing bonded warehouses and distribution centres. The company plans to establish 2-5 warehouses and distribution centres and the entire exercise will be backed by the Hong Kong company’s IT systems and solution infrastructure. The company will largely look at opportunities in providing four main services – products, sourcing, distribution and project logistics. It hopes to clock revenues to the tune of Rs. 100 crores in 2007-08.
Kerry Logistics Network is part of the Hong Kong-based KUOK Group with diversified interests in logistics, property, hotels & resorts. The 10-year old Reliable Freight Forwarders is part of the Indev Group engaged in providing CFS, transportation, warehousing and container repair services.
Read the article in The Economic Times.
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