Major capacity expansion underway at Mumbai Port, JNPT

There would be a significant addition in the traffic handling capacity of Mumbai Port and JNPT in the coming years. In a written reply to a question in Rajya Sabha recently, the Minister of State for Shipping (I/C) Mansukh Mandaviya informed that several projects are currently underway at these two ports which will give a boost to their current capacity – 78.4 million tonnes for Mumbai and 118.3 million tonnes for JNPT.   Sharing the details, the minister pointed out at 5 MTPA re-gasification unit set up at Mumbai Port. Furthermore,…

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UPS next day service triggers surge in financial numbers in Q2

Global logistics giant UPS has delivered a sterling performance in the second quarter wherein its consolidated revenue increased 3.4% to $18 billion, driven by gains in average daily volume in the U.S. and higher-quality, currency-neutral revenue in the international segment.  According to a company release, the U.S. domestic segment generated significant volume growth in all products, led by a more than 30% surge in UPS Next Day Air volume. The sharp increase in demand for the company’s next-day services was driven by accelerated delivery requirements from e-commerce shippers. The company…

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IFC to pump in $200 million into Shriram Transport Finance

IFC, a member of the World Bank Group, will pump in  USD 200 million into country’s leading commercial vehicles finance company Shriram Transport Finance. The proceeds will be used for lending to small road transport operators and MSMEs in rural and semi-urban areas in low-income states.   The deal uses a unique securitization structure to mitigate foreign exchange risks and attract patient capital from pension funds, insurance firms, and foreign institutional investors. Half of the total amount will come from IFC’s own account and the rest mobilized from like-minded partners.…

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SBI signs up SLCM for collateral management, warehousing services

India’s leading agri logistics solution provider, Sohan Lal Commodity Management has entered into a strategic partnership  with country’s banking giant, State Bank of India(SBI) for collateral management and warehousing services. As part of this Collateral management agreement, SLCM will be the custodian of the commodities which bank has taken as a security against the loans, issued by it.  Speaking about the partnership, Mr. Ved Prakash, DGM, SBI said, “This agreement with SLCM underscores the importance of agribusiness and agri infrastructure for SBI. As part of the agreement, SLCM will manage the…

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TVS Capital leads fresh funding round for Leap India

Logistics start-up Leap India which specializes in providing packaging solutions has raised Rs 216 crore in series C round. The round was led by TVS Capital Funds which has agreed to infuse Rs 100 crore. Its existing investors Samena Capital and Sixth Sense Venture Fund, leading participants in the series C, have further committed to pump in additional funds. Founded in 2013 by Sunu Mathew, Leap has raised close to $100 million so far. The firm is a growing name in the equipment lending space wherein it facilitates the pooling…

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Tata Steel to deploy rail rakes to cut logistics cost

According to a recently published report in leading financial daily Business Standard, steel major Tata Steel is all set to put in place a Rs 5000 investment plan to improve processes for bringing down its logistics cost. This would include deploying its own rail rakes which will be operated by its logistics subsidiary Tata Martrade International Logistics (TMILL). “The immediate plan is to own eight to nine rail rakes. This will be done in the next one year through Tata Martrade International Logistics (TMILL), our subsidiary,” T V Narendran, chief…

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MoU signed for cargo services between Kochi and Male

India and Maldives recently signed a Memorandum of Understanding (MoU) on Passenger and Cargo Services in Male. The objective of the MoU is to improve people to people contact between the two countries by providing an alternate, direct and less expensive means for transport for passengers and goods. In a written reply to a question in Lok Sabha last week, Mansukh Mandaviya, the Minister of State for Shipping (I/C) informed  that the MoU envisaged a regular passenger and cargo ferry service between Kochi in India  and Male/Kulhudhuffushi in Maldives, or…

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Shoppers Stop to set up a big unit at Urban Square, Udaipur

Bhumika Group has signed an agreement with Shoppers Stop , one of India’s largest chain of Department Store for its Mall Urban Square at Udaipur. Spread over the Ground Floor and Upper Ground Floor measuring a total Carpet Area of  20,331 Sq Ft., Shoppers Stop at Urban Square will be the first store in the city and is expected to be operational by 2021. Shoppers Stop will be one of the biggest attractions and an integral part of the upcoming “Urban Square”, an integrated Hospitality, Retail and Family Entertainment destination…

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Indian shrimp exports to EU shrink

European Union (EU) importers of Indian shrimp feel the number of Indian exporters shipping to the 28-member bloc has shrunk because of stringent testing norms. Importers in Europe have been complaining that the number of Indian exporters willing to export to the EU has shrunk. This is for warm water shrimp or prawn exporters. Apparently, Marine Products Export Development Authority (MPEDA) and Exports Inspection Council (EIC) are telling the exporters to export to the US instead of the EU where there is less chance of rejection and less hassle. An…

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Cold chain logistics market to reach close to $600 billion

According to a recent report published by Allied Market Research (titled “Cold Chain Logistics Market”), the global cold chain logistics market which garnered $159.98 billion in 2018 is estimated to reach $585.10 billion by 2026. This entails a hefty CAGR of 17.9% from 2019 to 2026. Surge in refrigerated warehouses, growth of processed food industry and pharmaceutical sector, and adoption of automated software would drive the growth of the cold chain logistics market. Based on type, the meat fish & sea food segment accounted for more than one-third of the total market share in…

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