The Indian subsidiary of global logistics major, FM Logistic, is aiming to add 4 million sq ft warehouse space capacity in India in the next three years. The French 3PL major had acquired Pune based domestic firm Spear Logistics in 2016 and had committed an investment of $150 million in developing large distribution centers at strategic locations in India.
“Currently we have 55 lakh sqft of warehousing space under operations. We plan to have another 40 lakh sq ft over the next three years. So by the end of three years, FM logistic India will have Â (about) 1-crore sq ft of warehousing space under operations,” Alexandre Amine Soufiani, managing Director, FM Logistic India recently told PTI. Currently, company is building a large DC covering 31 acres in Jhajjar which is expected to get ready by the year end. It would be its first owned multi-client site in India. It has also planned to create two other major distribution centers – Mumbai (10 lakh sq ft) and Bengaluru (7 lakh sq ft), by the end of next year.
Meanwhile, the parental firm FM logistics last week published its financial results for the fiscal year 2019-20 reporting revenues of €1.43 billion for the fiscal year 2019-20, up 8.7% from a year earlier (8% excluding FX effects). Earnings before interest and taxes (EBIT) were up 21% compared with the previous year. In a press release, FM Logistic India has claimed recording a revenue growth of more than 15% during 2019-20, despite the market slowdown in the national economy, with the automotive industry being particularly hard hit by falling consumption.