The Hindu Business Line : Continental to invest Rs 120 cr in Vizag

Visakhapatnam, Oct.24 Continental Warehousing Corporation Limited, the flagship company of the NDR (N Dasaradharami Reddy) group of companies, has ambitious plans to scale up its operations here by investing Rs 120 crore, according to Mr Ravindranath Reddy, CEO.

He was speaking here on Wednesday at the port after the newly-constructed warehouse of the company was inaugurated by Dr Chandrapal Singh, Chairman of the Krishak Bharati Co-operative Limited (Kribhco). Mr Reddy said that the port trust had given the company six acres of land and the first warehouse (72,000 sq ft) has been built at a cost of Rs 8.5 crore. Another warehouse of 56,000 sq ft would be built at a cost of Rs 3.5 crore, he said. The foundation stone for the second one was also laid.

He said the company has warehouses at all the major ports and is exploring coastal shipping in a big way. “We have ambitious plans to build a wholesale market yard here with cold storage units, controlled atmosphere, grading centres and all other facilities including a railway siding and a container freight station. We have plants to invest Rs 120 crore or more on the project and looking for suitable land near the port,” he said.

He said that the company has already taken up such projects at Jamnagar in Gujarat, Chennai and Panvel near Mumbai. Work is in progress at those places and “we are keen on taking up the Vizag project as early as possible”, he said.

Currently, the group has 112 warehouses providing more than 65,00,000 sq ft in 64 locations in the country with 500 trucks at its disposal. “It is a one-stop shop for warehousing and logistics services,” he added.

Dr Chandrapal Singh, member of Parliament and Chairman of Kribhco, said lack of infrastructure at the Indian ports was a major constraint and companies such as Continental were doing a great service by creating such facilities. He complimented the company for the construction of the warehouse and exhorted it to speed up other projects.

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Continental to invest Rs 120 cr in Vizag