HIPE enters JV with NOL
Hindustan Infrastructure Projects and Engineering (HIPE) has entered into a joint venture with Singapore-based logistics company Neptune Orient Lines (NOL) to operate railway container freight service in India.
By PTI |
NEW DELHI: Hindustan Infrastructure Projects and Engineering (HIPE) has entered into a joint venture with Singapore-based logistics company Neptune Orient Lines (NOL) to operate railway container freight service in India.
The JV company - APL IndiaLinx - has received category 1 license from the government to operate rail container service throughout the country and is planning to invest 60 million dollars (about Rs 240 crore) to set up an inland container depot in Haryana.
"We would initially operate on the Delhi-Mumbai route and are looking to start operations on other routes in the near future. We commenced service on the route yesterday," APL (India) Pvt Ltd Managing Director Kenneth Glenn told reporters here.
He said APL plans to operate one train in a week on the Delhi-Mumbai sector to begin with and would increase it up to nine trains a week by mid next year.
The Category 1 license, issued at a fee of Rs 50 crore by the Railways Ministry, is for a period of 20 years which can be extended by another 10 years, Glenn said.
APL IndiaLinx is a 76:24 joint venture between NOL and HIPE, in which NOLs container transportation arm APL holds the majority stake.
"We are looking for many more initiatives in India and would soon operate throughout the country depending on the growth of the market here," NOL Group Deputy President Cedri Foo said.
NOL group reported revenues in excess of seven billion dollars during the previous fiscal.
The JV company - APL IndiaLinx - has received category 1 license from the government to operate rail container service throughout the country and is planning to invest 60 million dollars (about Rs 240 crore) to set up an inland container depot in Haryana.
"We would initially operate on the Delhi-Mumbai route and are looking to start operations on other routes in the near future. We commenced service on the route yesterday," APL (India) Pvt Ltd Managing Director Kenneth Glenn told reporters here.
He said APL plans to operate one train in a week on the Delhi-Mumbai sector to begin with and would increase it up to nine trains a week by mid next year.
The Category 1 license, issued at a fee of Rs 50 crore by the Railways Ministry, is for a period of 20 years which can be extended by another 10 years, Glenn said.
APL IndiaLinx is a 76:24 joint venture between NOL and HIPE, in which NOLs container transportation arm APL holds the majority stake.
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"We are looking for many more initiatives in India and would soon operate throughout the country depending on the growth of the market here," NOL Group Deputy President Cedri Foo said.
NOL group reported revenues in excess of seven billion dollars during the previous fiscal.
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