The Hindu : Business : BIC Logistics Ventures’ plans

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Tuesday, Jun 02, 2009
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BIC Logistics Ventures’ plans

Corporate Reporter

CHENNAI: BIC Logistics, with its base in New Delhi, has entered into a partnership with Toll Global Logistics of Australia and promoted a joint venture company ‘BIC Logistics Ventures’ to expand its presence globally.

Addressing presspersons here on Monday, Naveen Pal Singh Bhandari, Chairman, BIC Logistics, said the joint venture would invest Rs. 100 crore for establishing multi-modal transport services, warehousing and other related logistics services, including transportation under one umbrella.

Wayne Hunt, President and CEO of Toll Global Logistics, said the Australian firm would provide its technology in software to the Indian joint venture while the Indian company would offer its expertise in the management of trucks under Indian conditions. He said the new company would focus on fast moving consumer goods (FMCG) sector which had huge potential.

According to Chandandeep Bhandari, Vice Chairman and CEO, the Australian company had 40 per cent equity participation in the joint venture and it was hopeful to reach a turnover of Rs. 500 crore by 2011-12. He said the Bhandari conglomerate had a fleet strength of 110 trucks at present and it was proposed to add 150 more in the next two years.

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