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 memorandum of understanding to increase its stake in Indev Logistics Pvt. Ltd. (‘INDEV’), a well-established Indian logistics company headquartered in Chennai, from 30% to 50%, as the Company takes on an increasingly positive view of India’s economic prospects.
The announcement was made at the re-branding 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 re-branded as Kerry-INDEV Logistics, reflecting Kerry Logistics’ growing capabilities and ambition to becoming a major pan-Indian logistics company.
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 customised supply chain solutions to different industries and INDEV’s strong presence and network in India make Kerry-INDEV Logistics a strong pan-Indian combination which we hope can make a contribution to the country’s growth and development.”
“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,” George added.
About Indev Logistics Pvt. Ltd.
INDEV is an integrated logistics solutions company since 1984 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 Zone, 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.
Picture Caption: Nirmala Sitharaman, Minister for Commerce and Industry of India (middle) and George Yeo, Chairman of Kerry Logistics (3rd right) attended the joint venture launching and re-branding ceremony between Kerry Logistics and Indev Logistics
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