NEW DELHI: April 13, 2016. Kerry Logistics Network says it will increase its stake in Chennai-based INDEV Logistics from 30 to 50 percent and reportedly invest US$150 million in the company.
The move will see INDEV re-branded as Kerry-INDEV Logistics as part of Kerry Logistics' plan to become a major pan-India organization. According to INDEV chairman Xavier Britto, his company's name is an acronym for "INdian DEVelopment".
Nirmala Sitharaman, India's minister for Commerce and Industry (pictured middle), chairman of Kerry Logistics George Yeo (pictured third from the right), and Britto (pictured third from the left) attended the re-branding and joint venture launch.
Commenting on the increased shareholding, Kerry Logistics chairman George Yeo 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.
"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 noted the introduction of a Goods and Services Tax ('GST') and the current campaign 'Make in India' as a positive step for what he described as the "quantitative and qualitative" expansion of India's logistics industry.