British-government owned development finance institution CDC today announced a USD 25-million investment into rail freight handling company Pristine Logistics for an undisclosed stake.
The company will use the proceeds to develop infrastructure, which can create around 1,500 jobs, Pristine said in a statement.
Pristine is creating greenfield rail freight terminals across the Northern, Central and Eastern regions of the country which will provide handling, warehousing and transport services for businesses using the Railways network for freight transport.
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Apart from that, it is also constructing a food park in Bihar to ensure commodities produced in the area get market connectivity, which will generate another 1,800 jobs, the CDC statement said.
"Pristine has the potential to become one of the largest terminal operators in India in this exceptionally important sector. Low income states in India often struggle to attract long-term private capital," CDC's head of South Asia Srini Nagarajan said.
"We see commercial opportunities in locations where investment is historically problematic," Pristine's director Rajnish Kumar said, adding that the business helps create cost efficiency and connectivity to larger markets for industry.
CDC, which invests in South Asia and Africa with a focus on creating jobs and impacting lives in backward regions, will also help Pristine formulate its procedures on environmental and social policies, it added.
