INDEV Logistics plans IPO by 2016
Chennai:
INDEV
Logistics, an infrastructure-based logistics provider, is planning to foray
into coastal shipping besides an initial public offer (IPO) by 2016, according
to S Xavier Britto, chairman of Indev Group.
Speaking
after the inauguration of INDEV Logistics first Free Trade Warehousing Zone
facility at J Matadee Free Trade Zone at Mannur Special Economic Zone, he said
that INDEV’s IPO will ensure realization of INDEV’s dream of expansion into
coastal shipping.
He also said
that the group has invested more than $200 million in its various
infrastructure facilities across India and will be investing $20 million in its
free trade warehousing zone (FTWZ) facility in phased manner.
The creation
of FTWZ would aim to create Chennai as a global trading hub by carrying out
trade transactions in free currency for its import export of goods and
services. Interestingly, FTWZ is a “sanitized zone’ designated as foreign
territory within India and to be used as international trading hubs with bundle
of various value added services.
Britto said
that FTWZ, which is strategically located near sea or air terminals with rail
or road link to entire country, will have special powers and can hold foreign
goods for five years without registering with local bodies or government.
The facility
was inaugurated by George Yeo, former Singapore minister and chairman of Kerry
Logistics Network, Hong Kong. Also present during the occasion were A K Bamba,
development commissioner MEPZ, Special Economic Zone, Ajit Singh, consul
general of Singapore and Chozanachiar Rajasekar, president of Tamil Chamber of
Commerce.
Singh said
that Indev is a valuable partner for Singapore companies in India. He said that
the bilateral trade between India and Singapore is worth $35 billion and
currently, 4,000 Indian companies are operating in Singapore
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