New Delhi, Mar 30 (PTI) Apollo LogiSolutions and Singamas Container Holdings today formed a joint venture for liquid logistics operations in India with an initial investment of Rs 300 crore. Also Read - Monsoon Session Day 2: Lok Sabha Passes Essential Commodities Bill to Raise Farmer Income, Boost Agri Sector | Highlights
Apollo LogiSolutions (ALS) will hold 70 per cent stake in the joint venture and the rest will be with Singamas Container Holdings, an arm of Singapore-based Pacific International Lines (PIL). Also Read - 'Jammu And Kashmir to Reopen For Tourism Soon', Says J&K Administration
The joint venture — ALS Singamas Logistics Ltd — will invest over Rs 300 crore over the next three years to develop an ecosystem and deliver value to its customers, the companies said in a joint statement. Also Read - COVID-19: Centre Announces Guidelines For Unlock 2, Lockdown Till July 31 in Containment Zones
The new company will focus on movement of all types of non-POL (petroleum, oil and lubricants) liquids either by rail or road, operation and management of movement of liquid tanks, their maintenance and cleaning.
Commenting on the development, ALS Vice-Chairman & MD Raaja Kanwar said: “PIL being a leader in shipping, container manufacturing and other logistics related services, this JV will help bridge the gap between Indian and global customers for their end to end logistics solutions”.
Singamas Containers Holdings Chairman S S Teo said: “Through this partnership ALS and Singamas will be able to exchange state of the art technologies and expertise which will benefit the industry at large.”
The partnership with Singamas will also enable the use of specialised GPS-enabled tanks for transport facilities, the statement said.
ALS Singamas Logistics will also bring into use containers with enhanced capacity which will facilitate easy movement of logistics, it added.
This is published unedited from the PTI feed.