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| Aureos India Fund, ePlanet Ventures invest $16-mn in CWCNSL |
| Press Trust of India / Mumbai Sep 07, 2009, 16:38 IST |
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The Aureos India Fund and ePlanet Ventures have invested $16-million in domestic container logistics and warehouse management services company, Continental Warehousing Corporation (Nhava Seva) Limited (CWCNSL).
Out of the $16-million, The Aureos India Fund has invested $10-million, while the remaining $6-million by ePlanet Ventures, a press release said here today.
CWCNSL intends to use this investment to increase the number of container freight stations it operates and to extend its warehouse management solutions business to offer a 'port- to-store' services including extensive transportation and cargo services, the release said.
CWCNSL commenced operations in 2005. It reported consolidated revenues of Rs 150-crore ($31.5-million) in the last fiscal. The company manages container freight stations across India in Jawaharlal Nehru Port Trust, Chennai, Tuticorin and Indore, with a total annual capacity of 1,70,000 twenty-foot equivalent units, or standard containers.
As part of the investment, Aureos Managing Partner for India, Balaji Srinivas, and Chandrasekar Kandasamy of ePlanet, would join CWCNSLs Board of Directors, it said.
The Aureos India Fund is a private equity fund management company specialising in investing in small-to-mid-sized businesses in emerging markets, while ePlanet Ventures is a leading global venture capital and private equity firm headquartered in Silicon Valley.
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