Kerry Logistics Network Limited, a leading logistics service provider in Asia, has entered into memorandum of understanding to increase its stake in Indev Logistics Pvt. Ltd., a well-established Indian logistics company headquartered in Chennai, from 30 per cent to 50 per cent. Kerry noted that a key driver behind this was its increasingly positive view of India’s economic prospects.
The announcement was made at the re-branding ceremony held on 13 April in New Delhi with Nirmala Sitharaman, Minister for Commerce and Industry of India, in attendance along with the top management from Kerry Logistics and INDEV. The strategic move will see INDEV re-branded as Kerry-INDEV Logistics, reflecting Kerry Logistics’ growing capabilities and ambition to becoming a major pan-Indian logistics company.
George Yeo, chairman of Kerry Logistics, said: “We thank the Government of India for its continued support to our operations in the country. We have always held an optimistic view of India’s potential, and are pleased to be strengthening our partnership with INDEV to tap into the opportunities that are emerging.
“Kerry Logistics’ strength in providing customised supply chain solutions to different industries and INDEV’s strong presence and network in India make Kerry-INDEV Logistics a strong pan-Indian combination which we hope can make a contribution to the country’s growth and development.”
Yeo added that with one of the fastest-growing economies in Asia, India’s introduction of a Goods and Services Tax (GST) and the current campaign to ‘Make in India’, will be very positive for the quantitative and qualitative expansion of the logistics industry in the country.