Kerry Logistics Network Limited (Kerry Logistics) has announced it has entered into memorandum of understanding to increase its stake in Indev Logistics Pvt. Ltd. (‘INDEV’), an Indian logistics company headquartered in Chennai, from 30% to 50%.
The announcement was made at the re-branding ceremony held on 13 April in New Delhi and the move is expected to see INDEV re-branded as Kerry-INDEV Logistics.
George Yeo, Chairman of Kerry Logistics, said, “We thank the Government of India for its continued support to our operations in the country. We have always held an optimistic view of India’s potential, and are pleased to be strengthening our partnership with INDEV to tap into the opportunities that are emerging. Kerry Logistics’ strength in providing customised supply chain solutions to different industries and INDEV’s strong presence and network in India make Kerry-INDEV Logistics a strong pan-Indian combination which we hope can make a contribution to the country’s growth and development.”
Source: Kerry Logistics