By NNN-PTI,
Chennai, India : UK-based Eredene Capital has proposed to invest around Rs 40 crore for setting up a Container Freight Station (CFS) near the Ennore port, partnering with the city-based Sattva Business Group.
“We would be investing around 85 per cent of the stake through (FDI) and the remaining 15 per cent would be shared by Sattva Business Group for setting up the CFS at Ennore port,” Nikhil Naik, Chairman, Eredene Infrastructure Pvt Ltd, told PTI here.
Stating that this would be their second investment in Tamil Nadu state, Naik said the new CFS would be located on the State Highway near Ponneri, North of Ennore.(One crore: ten million)
The acquisition of land would be done in phases, he said and added the initial acquisition would be of 30-35 acres.
The site would be developed initially as a large scale-warehousing corporation to meet the demand for warehousing services. “It would be converted into a full fledged CFS in time with the official inauguration of the Ennore Container Terminal scheduled for 2011,” Naik said.
Naik said, in 2007 the company had taken a 49 per cent interest in Sattva Business Group for investing in a CFS.
The earlier one (CFS) is at Vichoor near Chennai port, which has been operational since October 2007 and this is our second investment in Tamil Nadu state, he said.