By IANS
New Delhi : Reliance Industries Ltd has initiated a joint venture with Container Corp of India (Concor) for containerised transportation via road and rail, and for distribution and related ancillary services.
Infinite Logistics Solutions has been formed with 51 percent equity stake with Reliance Logistics, an associate company of Mukesh Ambani-controlled Reliance Industries Ltd, and the rest with state-run Concor. The joint venture will operate in areas of transportation logistics.
“While mainly investing in talent, the company shall supplement the same by trucking, warehousing and material handling equipment assets to support the vision,” a company statement said.
“The expected customer base will range from manufacturers, traders and retailers from a variety of different industries, spread across the length and breadth of India,” the statement added.
The two companies estimate India’s transportation logistics business at over Rs.4.5 trillion and said it was expected to grow at more than 15 percent over the next decade, contributing 12-13 percent to the GDP.
Reliance Logistics and its associates, the press release said, had a turnover of Rs.17.30 billion, moved an aggregate of 15 million tonnes of cargo and owned more than 400 trucks and tankers, making it India’s largest logistics provider.