Aug 25, 2016, Mumbai, Maharashtra, India:
- Allcargo’s Contract Logistics Division, Hindustan Cargo Ltd, CCI Logistics form a joint venture
- Aims to provide end-to-end, integrated & value-added logistics services to its customers
Avvashya Group headquartered in India and comprising of logistics major Allcargo Logistics and ECU Worldwide today announced a consolidation of its contract logistics business. The new entity, Avvashya CCI Logistics Private Limited (Avvashya CCI) is a joint venture between three business entities, viz Warehousing division of CCI Logistics Ltd, Hindustan Cargo Ltd and the Contract Logistics Division of Allcargo Logistics.
As per the agreement reached between the promoters of Allcargo and CCI, Allcargo will hold 62% and CCI promoters will hold 38% share in the company.
Allcargo’s Contract Logistics division currently offers superior services to companies in sectors like automobile, engineering, e-commerce, fashion & retail since last few years. The newly formed entity will aim to create business synergies by taking the strengths of all the portfolios to make an enterprise that will stand out as a powerhouse in integrated logistics business specializing in end to end logistics, contract logistics and supply chain management.
Avvashya CCI is a leap towards greater consolidation of providing end to end logistics solutions that will deliver cost and service efficiency. The combined entity will help to create technology enabled solutions value offering to the customers with over 1.5 million sq.ft of operating warehousing space across more than 20 strategic locations in India.
Avvashya CCI will play an important role in offering composite services to valued customer in forward integration & backward integration logistics services delivering, reduced turnaround time due to efficient warehousing, , storage and last mile delivery which will provide a complete package of service to customers under one roof.
The Board of Avvashya CCI Logistics Private Limited will be headed by Mr. Shashi Kiran Shetty as Chairman, Naresh Sharma as Managing Director, The board of Directors will comprise of Adarsh Hegde, Satish Sharma and M.P. Bansal. The key management team of the company will comprise of V. Balaji as CEO-Contract Logistics and Deepal Shah as CEO- International Logistics.
Shashi Kiran Shetty, Founder & Chairman of Avvashya Group said, “Indian logistics market is expected to grow at the rate of 6-7% CAGR to USD 160 billion by 2020. The formation of ACCI paves the way to deliver excellent growth and profitability.
“I am confident that Avvashya CCI will bring together the strengths of all the portfolios into one unified name, which will make a powerful enterprise and create greater value to the industry at large, apart from providing value to our stakeholders.” he further added.
Mr. Naresh Sharma, Director, CCI Logistics group said, “The joint venture will not only help us integrate our front and backend operations but will also help us expand our reach across geographies. Avvashya CCI will help provide end – to – end business solutions thereby creating a compelling proposition to all its customers. We look forward to a profitable partnership.”
Avvashya CCI Logistics: Allcargo Joint Ventures with CCI Logistics
