Financial Daily from THE HINDU group of publications
Wednesday, Sep 10, 2003
Financial Daily from THE HINDU group of publications Wednesday, Sep 10, 2003 |
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Logistics
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Supply Chain Management Vishrutha setting up container freight station in Chennai Our Bureau
Chennai , Sept. 9 THE Chennai-based Vishrutha Logistics Ltd is setting up a container freight station (CFS) in North Chennai at a cost of Rs 16.61 crore. The CFS would come up at Vallur village, near Ennore port, the company's Managing Director, Mr B. Ramana Reddy, told reporters here on Monday. The company recently obtained approval from the Ministry of Commerce for setting up the CFS while applications of 12 others were rejected, he said. The promoters' equity in the project would be Rs 5.75 crore. The company proposes to raise another Rs 3.36 crore, through a private placement of shares with NRIs. Vishrutha is also close to getting long-term loan of Rs 7.50 crore from financial institutions. The venture would breakeven, when it handles about 1,000 containers per annum, Mr Ramana Reddy said. According to Mr Reddy, in the first phase, the CFS would come up on an area of 30 acres. Commercial operations are likely to begin in June 2004. The company also plans to purchase another 30 acres of land in the vicinity to establish a direct rail connection. Once completed, the CFS would have a capacity to store about 40,000 empty, and 32,000 loaded containers, he said.
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