Page 7 - Logistics Sector

Canada's Ontario Teachers' Pension Plan invests $80 mn in Xpressbees

The new valuation of the logistics firm after this round is $1.5 billion, an incremental increase from its previous valuation of $1.4 billion, according to the sources

Logistics operator Allcargo plans to achieve carbon neutrality by 2040

Logistics operator Allcargo Group plans to achieve carbon neutrality by 2040 and will only partner with carriers using greener fuels, according to the company's latest ESG report. India is working on achieving its net zero emission targets by 2070 and attaining a 45 per cent reduction in emissions intensity of GDP by 2030 from the 2005 level, it said. The company report titled 'Navigating the Green Horizon', released on Thursday, highlighted the group's commitment to achieve carbon neutrality by 2040 through its green and renewable ways. It also spells out in detail the group's other Environmental, Social, and Governance (ESG) goals which include energy and emissions, occupational health and safety, diversity, equity, and inclusion (DEI), community development, labour practices and human rights, cybersecurity, and corporate governance. "The true progress is never about profit alone. It's about what good it can do for people and the planet. This is why integrating ESG ...aspects int

ESR buys 58 acre land in Nagpur for logistic park, to invest Rs 400 crore

ESR Group on Tuesday said it has acquired 58 acre of land in Nagpur to build a logistic park and will invest Rs 400 crore in the construction and development. ESR Group, in a statement, said that it has acquired 58 acre of land in Nagpur with a total development potential of 1.4 million square feet. "ESR has also committed to invest Rs 400 crore (USD 48 million) for the construction and development of ESR Nagpur Logistics Park 2, which will be the company's second logistics park in Nagpur and its twentieth park across the country," it added. With the successful land acquisition, ESR Nagpur Logistics Park- 2 will help boost the supply of modern Grade A logistics facilities within the Gondkhairi-Kalmeshwar logistics cluster. The park is designed to accommodate 10 buildings, with building sizes ranging from 67,000 sq ft to 1,90,000 sq ft to meet a broad spectrum of tenant needs, ranging from e-commerce to third-party logistics (3PL), retail and fast-moving consumer goods (FMCG). Abhi

Amazon's expansion into logistics services could unlock $100 bn in revenue

Analysts see the strategy echoing what the firm achieved with its cloud business, when it built Amazon Web Services to serve its own needs before opening the platform to third-party merchants

Road logistics industry anticipates favourable demand in FY2024: ICRA

Rating agency ICRA on Wednesday said that it anticipates a favourable demand scenario for the road logistics sector in FY2024, aided by stable domestic consumption and investment demand. It said the industry's revenue growth is pegged at 6-9 per cent in FY2024 on an elevated base of FY2023, driven primarily by demand from varied segments like e-commerce, FMCG, retail, chemicals, pharmaceuticals, and industrial goods. "ICRA expects the outlook for the sector to remain stable," it said. According to ICRA, downside risks to the estimates remain from any material tapering of demand due to elevated inflation and interest rates and global supply-demand shifts impacting the Indian economic scenario. The industry debt coverage metrics are expected to ease marginally in FY2024 compared to the FY2023 levels with a likely contraction in operating margins because of inflationary input cost pressures, primarily elevated crude oil prices and debt-funded capital expenditure for vehicle replacemen

NMDC's low-grade iron ore export to China hindered by logistics: Report

Indian producers of low-grade ores largely depend on foreign markets because most major domestic steel producers use high-grade iron ores

World Bank's biennial index perception based and narrow, says Centre

Earlier this year, India's rank went up by six places to reach the 38th rank out of 139 countries in the seventh edition of Logistics Performance Index (LPI 2023)

Amazon to expand logistics network with 'restocking shelves' at stores

Amazon on Tuesday announced that the service, which is currently in a pilot test, will be more broadly available later this year

TVS Supply Chain hits highest level since listing; soars 20% in 2 days

The company made stock market debut on August 23, and is currently trading 23 per cent higher over its issue price of Rs 197 per share

How Ati Motors' autonomous robots are disrupting the logistics sector

Inspired by technology used in self-driving cars, Ati's advanced autonomous mobile robots (AMRs) integrate artificial intelligence, computer vision, and cutting-edge hardware

Logistics operator Maersk plans to add 300 EVs to its fleet in India by Oct

Global integrated logistics operator Maersk on Monday said it is planning to add more than 300 electric vehicles to its fleet in India by October. Maersk has already deployed over 200 Electric Vehicles (EVs) across 15 cities in the country, and is planning to expand to another 11 cities, taking its overall EV fleet to over 500, the company said. The company plans to be net-zero across businesses and provide customers 100 per cent green solutions by 2040. In September last year, the company unveiled its three-wheeler and four-wheeler EVs in Mumbai, which was followed by the rollout in the National Capital Region. Maersk said it has recently tied up with a large e-commerce platform in India to support its distribution requirements with a dedicated fleet of EVs that range in the capacity of 550-700 kg with a driving range of over 120 kilometres. India is a large market with a constantly growing demand for distribution logistics, Maersk South Asia Managing Director Vikash Agarwal ...

Porter expects biz to grow by 60%, reach operational profit by Dec 2024

Logistics services startup Porter expects its business to grow by 60 per cent to reach about Rs 3,000 crore in revenue in the current financial year on account of expansion in the category, a top company official said. The Tiger Global and Lightrock ventures-backed startup expects to become operationally profitable by December 2024, Porter Co-Founder and COO Uttam Digga told PTI. "We continue to grow at 60-70 per cent year-on-year and I think that is going to continue for the coming one or two years more. This fiscal we expect. This year Porter is hoping to have a 60 per cent growth. The company will be close to making a Rs 3,000 crore revenue," Digga said. Porter at present provides instant delivery of up to 20 kg on two-wheelers, house shifting, mini trucks, three-wheelers etc for delivery of goods and it has recently forayed into courier service. The company currently operates in about 19 cities. "There are two levers for us to grow the business. One is category expansion. This

Amazon is imposing fee on sellers who don't use its logistics services

The company didn't explain to sellers why the levy was required, but said in a report that it will help cover the costs of running a separate infrastructure and measuring its effectiveness

Should you subscribe to TVS Supply Chain IPO? Here's what brokerages say

The objective of the issue is repayment of outstanding borrowings and general corporate purposes

Market share, margin gain hopes could drive further gains in Delhivery

The key takeaway in the quarter was the 19 per cent y-o-y growth in express parcel volumes and a 14 per cent rise in revenues of the segment

Lessons from a load carrier

With the Indian Army placing orders for a fresh batch of Stallion trucks, there is an urgent need to simplify military logistics to reduce cost

Tempe-controlled logistics services provider Snowman Q1 PAT at Rs 4 cr

Integrated temperature-controlled logistics services provider Snowman Logistics on Wednesday said its Profit After Tax (PAT) doubled to Rs 3.89 crore in June quarter 2023-24. The company's PAT stood at Rs 1.89 crore during the first quarter of FY23, Snowman Logistics said in a statement. The company also announced around Rs 200 crore capex to be spent over the next 24 months, both from its internal accruals and debt. During the quarter, revenue grew to Rs 128.77 crore as compared to Rs 87.29 crore in the year-ago period, it said. Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) for June quarter increased to Rs 25.42 crore from Rs 21.26 crore. "All our addition of capacities in last year have been fully utilised and we are adding to our revenue and profit. We are also experiencing robust growth plans by our key customers, giving us confidence in continuing our investments in expansion," Sunil Nair, CEO at Snowman Logistics, said. The company continues to boo

Coal ministry developing logistics policy, national coal evacuation plan

The coal ministry is developing a logistics policy for the sector and a national coal evacuation plan with a view to reducing logistics costs, an official statement said on Saturday. An inter-ministerial meeting on logistics was held to review the progress of implementation of the national logistics policy, the statement said adding that it was convened by the Department for Promotion of Industry and Internal Trade (DPIIT). During the meeting measures taken by different ministries to improve logistics efficiency in the country were also showcased, the commerce and industry ministry said. "A draft coal logistic policy and national coal evacuation plan has been developed by the ministry of coal. In addition, standardization of physical assets (heavy earth moving machines for coal handling) and setting up benchmarks for quality management, is under progress," the statement said. Speaking at the meeting DPIIT Secretary Rajesh Kumar Singh talked about the critical role played by ports i

Welspun One Logistics Parks' warehousing-focussed fund raises Rs 1,000 cr

Welspun One Logistics Parks (WOLP) on Tuesday said it has raised Rs 1,000 crore within four months of launching its second warehousing-focussed fund. The company also announced the opening of its "green shoe" option to raise an additional Rs 1,000 crore. The potential corpus could reach Rs 2,000 crore upon completion of the green shoe option, which would rank it among the largest in the domestic real estate alternatives space, WOLP said in a statement. The plan entails an overall investment outlay of over Rs 8,000 crore, which will propel Welspun One to an Assets under management (AUM) of USD 1 billion, it said. "We are deeply grateful to our investors for their unwavering faith in us, which has powered our successful second fund-raise," said Anshul Singhal, Managing Director at WOLP. The warehousing sector continues to exhibit strong growth with record-high demand of 51.3 million square feet in FY23, implying a CAGR of 24 per cent during FY17-23, according to the company. With a

Warehousing supply to grow 13-15% in eight primary market in FY24: Report

The industrial and warehouse logistics park supply is likely to grow 13-15 per cent in this fiscal in the eight primary markets to around 435 million square feet, with nearly 52 per cent to come up in grade A capacity, according to a report. However, the incremental absorption is likely to remain flat at the FY23 levels of around 39 million sq ft, Icra Ratings said in the report. The warehousing sector continues to witness a sustained demand from the third-party logistics (3PL) and automobile sectors, which together accounted for 53 per cent of the total leased warehousing area as of March 2023. Additionally, the rapid expansion of new sectors like e-commerce and allied services, the growing needs of the consumption market and the government's focus on manufacturing will boost demand. The agency expects the grade A warehouse stock across the top eight primary markets to grow by 17 per cent to 195 million sq ft by March 2024 from 167 million sq ft in March 2023. For the incremental