Logistics services provider Indev is planning to enter the costal shipping arena, stated Indev Group Chairman Xavier Britto. To this end, the company is planning to set up a container freight station spread over 20 acres at Visakhapatnam within the next two years at an investment of Rs 75 crore. Indev, which has two million sqft of warehousing space across 14 locations in the country, is planning to add another one lakh square feet of warehousing facility at a cost of Rs 40 crore near Noida soon.
The company, which inaugurated its first free trade warehousing zone (FTZW) facility in Sriperumbudur on July 18, plans to add another 40,000 sqft to the Sriperumbudur facility by January next year. This free trade warehousing zone is currently spread over 40,000 sqft and Indev has invested around Rs 120 crore for this facility. Britto explained that FTZW is a deemed foreign territory with the advantage of free foreign currency transactions.
The company is also mulling an IPO (initial public offering) in the next four years. We are looking to raise around Rs 2,000 crore in the first phase,Britto said.