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."
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