Kerry Logistics has signed a memorandum of understanding to increase its stake in Indian firm, Indev Logistics, to 50% in a deal reported to be worth $150m. As a consequence, Indev will be rebranded Kerry-Indev Logistics.
Kerry, which previously held a 30% stake in Indev, said the move reflected its growing capabilities and ambition to become “a major pan-Indian logistics company”.
Based in Hong Kong, Kerry Logistics is one of Asia’s leading logistics providers and automotive is one of the main sectors it serves. Indev Logistics, meanwhile, is a multimodal logistics group based in Chennai.
The deal was announced at a rebranding event held last week in New Delhi and attended by Nirmala Sitharaman, the Indian government’s minister for commerce and industry.
“We thank the government of India for its continued support to our operations in the country,” said George Yeo, chairman of Kerry Logistics. “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,” he added.
Yeo went on to state that the firm believed the introduction of the Goods and Services Tax (GST) and the ‘Make in India’ campaign were very positive for the expansion of the logistics industry in the country.