You are here: Home » News-IANS » Business-Economy
Business Standard

Apollo Fiege-Ferrari JV to provide secure transport of high-value goods

IANS  |  New Delhi 

Indo-German logistics joint venture (JV) Apollo Fiege Wednesday announced the launch of its new JV with Italian major Ferrari to provide secure logistics services in India.

"The joint venture partners have committed to invest $10 million over the next two years in this JV named 'AF Ferrari' to offer end-to-end secure logistics solutions in India to the diamonds, gems and jewellery plus luxury verticals," Apollo Fiege said in a release here.

"Buoyed by globalization coupled with India's passion for jewellery, the market for luxury and jewellery have been growing at 20 percent and 10 percent respectively in the last 5 years. This, in turn, has led to a huge demand for organized secured logistics solutions," said Raaja Kanwar, managing director, Apollo LogiSolutions.

The JV offers secure transportation for high value commodities and products companies like fashion houses, diamonds, jewellery and bullion manufacturers and traders.

Marco Deiana, managing director, Ferrari Group, said: "Through this partnership with Apollo Fiege, we hope to do what we have done in the other countries and help build India's stellar jewellery and luxury products industry and facilitate them to reach out to the international market."

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, October 29 2014. 17:40 IST