Hong Kong, New Delhi, 13 April 2016
April 13 2016, 15.01 PM IST || Pocket News Alert
Kerry Logistics Network Limited (‘Kerry Logistics’ or the ‘Company’; Stock Code 636.HK), a leading logistics service provider in Asia, announces it has entered into a Memorandum of Understanding to increase its stake in Indev Logistics Pvt. Ltd. (‘INDEV’), a well-established Indian logistics company headquartered in Chennai, as the Company takes on an increasingly positive view of India’s economic prospects.
The announcement was made at an inauguration ceremony held on 13 April in New Delhi with Ms. Nirmala Sitharaman, Minister for Commerce and Industry of India, as the esteemed Guest of Honour. Also in attendance were the top management from Kerry Logistics and INDEV. The strategic move will see INDEV rebranded as Kerry-INDEV, reflecting Kerry Logistics’ growing capabilities and ambition to becoming a major pan-Indian logistics company with India Focus and member of a China Specialist Global Network.
Indev will become the key member of Kerry logistics network in India. Kerry has the expertise in Supply Chain Management and will immensely benefit Indev in India. In alignment with Government’s ‘Make in India’ policy, Kerry Indev will design industry specific products & solutions to move goods across to Continents using the Kerry Logistics Global Network in the most efficient manner bringing down the logistics cost.
George Yeo, Chairman of Kerry Logistics, said, “We thank the Government of India for its continued support to our operations in the country. We have always held an optimistic view of India’s potential, and are pleased to be strengthening our partnership with INDEV to tap into the opportunities that are emerging. Kerry Logistics’ strength in providing customized supply chain solutions to different industries and INDEV’s strong presence and network in India make Kerry-INDEV a strong pan-Indian combination which we hope can make a contribution to the country's growth and development.”
Indev is currently building a Warehousing Unit in FTWZ, Mundra and is planning to venture into Cold Storage and will expand its Warehousing capacity to 5 Million Sq. Ft. by 2018. The expansion plans also includes acquiring last mile delivery capabilities to serve the growing ecommerce market including Express Services.
Mr. S. Xavier Britto, Chairman of Kerry Indev Logistics said “Indev stands for Indian Development and during the last 32 years has grown into a pan India Logistics service provider from its base at Chennai. We are excited about the Make In India and other development programs initiated by the Government of India and the opportunities emerging for logistic services. We are entering into this strategic partnership with Kerry Logistics to offer our customers customized cost effective logistic solutions across the globe. Kerry Indev will be your dependable logistics partner to move your Cargo from / to anywhere in the world”.
“India has become one of the fastest-growing economies in Asia. We see the introduction of Goods and Services Tax (“GST”) and the current campaign to “Make in India” as being very positive for the quantitative and qualitative expansion of the logistics industry,” he added.
About Indev Logistics Pvt. Ltd.
INDEV is a 32 year integrated logistics solutions company with all logistics and distributions services under one roof. It has a strong presence across the length and breadth of India with its top-of-the-line advanced infrastructural facilities – CFS, ICDs, Bonded Warehouses, 3PL Warehouses, Units in Free Trade Warehousing Zones, Transportation Fleet, NVOCC with self-owned containers; ably supported by International Freight Forwarding and Customs Brokerage Services. INDEV has been a recipient of numerous national and international awards consistently over the years from its esteemed clientele and trade fraternities for its dependable, effective and efficient cargo handling services.
About Kerry Logistics Network Limited (Stock Code 636.HK)
Kerry Logistics is Asia's leading logistics service provider with extensive operations across Greater China and the ASEAN region. Its core competence is providing highly customised solutions to multinational corporations and international brands to enhance their supply chain efficiency, reduce overall costs and improve response time to market. It currently has more than 550 office locations in 40 countries and territories, and is managing 45 million sq ft of logistics facilities worldwide, providing customers with high reliability and flexibility to support their expansion and long-term growth. Kerry Logistics Network Limited is listed on the Hong Kong Stock Exchange and is a selected Member of the Hang Seng Corporate Sustainability Index Series 2015-2016.