Shetty's tenure with NITIE will start from 7th November 2020 for a period of four years
Hegde will continue to be joint managing director of Allcargo Logistics
The courier industry in India is made up of varied players starting from large multinational firms such as DHL, United Parcel Service (UPS) and FedEx India to domestic firms comprising Blue Dart, DTDC
The company has already chalked out a plan to become a majority stakeholder in the express business, its chairman said.
Gati informed the stock exchanges that Manoj Gupta, CFO, has resigned from the company due to personal reasons which has been accepted by the Company and he has been relieved with immediate effect.
Gati, Snowman Logistics, Allcargo Logistics, Transport Corporation and Sical Logistics were down 4%-8% on the BSE.
Gati, Snowman Logistics, Sical Logistics, VRL Logistics, Allcargo Logistics and Patel Integrated were up 1%-7% on BSE.
Net profit for March 2016 quarter increased 37% to Rs 15.5 crore compared with March 2015 quarter
Company also plans to handhold the start-ups, and has progressed in engaging with them to make a strategic investment shortly