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Gammon to invest $75 Mn
By siliconindia
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Tuesday, 19 February 2008, 23:37 IST
Mumbai: Infrastructure company Gammon India has set up a logistic company, in which, it will invest $75 million in the first year, seeking to tap the fast growing organized retail market. The logistic company-on-pipeline would have a pan-India operation and is expected to begin the business from January 2009.
"There is a lot of scope in the logistic space since there is hardly any organized player in this sector," Gammon's VP-Logistics Piyush Chaturvedi, who is setting up a team to run the logistic business.
"We want to become a third party logistics player. So we would be investing $62.5 million to $75 million in the first year at 10 to 12 locations," Chaturvedi said.
As a first step, Gammon would concentrate on setting up cold chains and warehouses keeping in mind the retail sector and the company's presence in ports. Gammon has developed two multi-purpose berths at the Vishakhapatnam Port and has been selected to develop the Offshore Container Terminal at Mumbai Port Trust.