SINGAPORE: India Infrastructure & Logistics Private Limited (IILPL), operator of freight rail services in India, has been acquired by APL Logistics for US$10 million from joint venture partner HIPE Transportation Infrastructure Ventures.
The net asset value of IILPL at the end of the 2014 third quarter was US$17.7 million and its EBITDA for the 12 months ending in September 2014 was US$4.3million.
IILPL has signed a concession agreement with Indian Railways and to own and operate container trains throughout India for an initial period of 20 years. Under the terms of this License IILPL can carry both export and import as well as domestic container traffic.
Last November APL Logistics, a subsidiary of Neptune Orient Lines, began regular car delivery services between Chennai and New Delhi. The company says it is the first 3PL to offer car manufacturers bulk movement of automotive traffic by rail from factory to consumer.
In a related move, India's Ministry of Finance has announced 24-hour Customs coverage for certain imports covered by "Bills of Entry" and factory-sealed TEU exports at 18 of the country's ocean terminals and 17 airports from the beginning of 2015.
According to India's Central Board of Excise & Customs, the ports now covered are Chennai, Cochin, Ennore, Gopalpur, JNPT, Kakinada, Kandla, Kolkata, Mumbai, New Mangalore, Marmagoa, Mundra, Okha, Paradeep, Pipavav, Sikka, Tu;corin, and Vishakapatnam. The airports with additional Customs coverage include Ahmedabad, Amritsar, Bangalore, Chennai, Coimbatore, Cochin, Calicut, Delhi, Goa, Hyderabad, Indore, Jaipur, Kolkata, Mumbai, Nashik, Thiruanantapuram, and Vishakapatnam.