Kerry Logistics Network Limited (‘Kerry Logistics’ or the ‘Company’; Stock Code 636.HK), a leading logistics service provider in Asia, announces it has entered into memorandum of understanding to increase its stake in Indev Logistics Pvt. Ltd. (‘INDEV’), a well-established Indian logistics company headquartered in Chennai, from 30% to 50%, as the Company takes on an 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 Ms Nirmala Sitharaman, Minister for Commerce and Industry of India, as the esteemed Guest of Honour. Also in attendance were 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.”
“India has become one of the fastest-growing economies in Asia. We see the introduction of Goods and Services Tax (‘GST’) and the current campaign to ‘Make in India’ as being very positive for the quantitative and qualitative expansion of the logistics industry,” George added.