Kerry’s increases stake in Indev Logistics

Kerry Logistics Network (Kerry), a logistics service provider in Asia, announced an increase in stake to 50 percent from 30 percent in city based Indev Logistics (INDEV). Kerry's investment over the next three years is estimated to be around Rs 1,000 crore.

"We are extremely positive about Make in India and are preparing ourselves for the demand it is going to create for the logistics industry," said J Sivasankaran, director finance, INDEV. The move will see INDEV, a 32-year-old logistics company rebranded as Kerry-INDEV, in line with Kerry's ambition to becoming a major pan-Indian logistics company with India focus. INDEV is currently building a warehousing unit in Mundra and is looking to expand its warehousing capacity to five million sq ft by 2018. The investment is expected to help INDEV venture in 4PL logistics and cold storage. The expansion plans also include acquiring last mile delivery capabilities to serve the growing ecommerce market including express services.