GSECL bags Indore air cargo complex

Ahmedabad-based Gujarat State Export Corporation (GSECL) has bagged a mega project for setting up an air cargo complex at Indore airport in Madhya Pradesh.

Speaking on the occasion, Rakesh Shah, chairman and managing director of GSECL, said, "We expect the award letter from Airports Authority of India (AAI) anytime now." For the air cargo complex project, there were two main contenders, GSECL and Concor. GSECL won the bid on account of its higher bid for revenue share to AAI.

Regarding the company's plans to commence the air cargo complex, Shah said, "GSECL intends to start the complex within three months or earlier, once it gets statutory clearances like custodianship."

To execute the project, the company has planned to launch a special purpose vehicle (SPV) "" GSEC Logistics Indore Limited "" for undertaking all the non-core activities from Indore, which include adding products related to logistics and agro-processing in future, said Mailind Mahajan, director of GSEC Logistics Indore Ltd.

He further said that the company had already identified a place from where the city office will start functioning in a week's time.

The company has air cargo complex in Ahmedabad spread over 32,000 square feet. The tonnage at the air cargo complex has grown by over 30 per cent year-on-year during the last two years.