By IANS
Mumbai : Logistics and chain services major Arshiya International Ltd will soon run container freight trains across India.
Announcing this here Thursday, the company said Indian Railways has granted it the approval licence in this regard.
The city-based multinational company, which has offices across Asia and Australia, said in an official communiqué that it has earmarked Rs.3.5 billion ($87.8 million) to Rs.4.25 billion for setting up rail links.
“In the first phase, the company would spend Rs.1.25 billion to Rs.1.75 billion on acquiring rakes and building other infrastructure to support the same,” Arshiya said.
The green signal from Indian Railways will now enable the firm to link its various free trade warehousing zones (FTWZ) and container freight stations (CFS) across India for faster movement of freight.
According to a spokesperson of Arshiya, the phase one entailing the development of rake acquisition and construction of related infrastructure, in all likelihood, will be completed by 2009 end.
Speaking of the company’s future plans in the warehousing sector, the spokesperson said Arshiya has set a target of opening six more warehouses in the next five years, out of which one would be located overseas.
Earlier, Arshiya had pledged an investment of Rs.30 billion in two phases for setting up FTWZs in Jawaharlal Nehru Port Trust (near Mumbai), Noida and Oman, with each of them measuring 200 acres.