Allcargo Logistics consolidates contract logistics business

MUMBAI: Allcargo group Thursday announced a consolidation of its contract logistics business into a new entity, Avvashya CCI Logistics Private Limited is a joint venture between three business entities: the warehousing division of CCI Logistics Ltd, Hindustan Cargo Ltd and the Contract Logistics Division of Allcargo Logistics.

As per the agreement reached between the promoters of Allcargo and CCI, Allcargo will hold 62% and CCI promoters will hold 38% share in the company.

Allcargo’s Contract Logistics division currently offers services to companies in sectors like automobile, engineering, e-commerce, fashion & retail since last few years.

The combined entity will have over 1.5 million sq.ft of operating warehousing space across more than 20 locations in India.

The board of Avvashya CCI Logistics Private Limited will be headed by Shashi Kiran Shetty as chairman and Naresh Sharma as Managing Director, The board of Directors will comprise of Adarsh Hegde, Satish Sharma and M.P. Bansal.

The key management team of the company will comprise of V. Balaji as CEO-Contract Logistics and Deepal Shah as CEO- International Logistics.