Container Corp to invest Rs7 bn in FY09

Container Corp to invest Rs7 bn in FY09
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First Published: Thu, Apr 24 2008. 02 21 PM IST
Updated: Thu, Apr 24 2008. 02 21 PM IST
Reuters
New Delhi: Container Corp of India Ltd, a state-owned logistics company, expects to invest Rs6.5-7 billion in the current fiscal, a senior company official said.
“We will be spending Rs6.5-7 billion in 2008-09 in creating infrastructure capacity and creating joint ventures,” Managing Director Rakesh Mehrotra told NDTV Profit television channel.
“The firm, which already has more than 1,800 wagons on order, will place another order for 1,500 wagons. We will have close to 3,300 wagons, which we will be adding to our fleet in a couple of years time, he stated.
The firm will take a decision on its business plans on coastal shipping after it receives the findings of a study commissioned to gauge the potential of the segment.
“With the network of Indian railways getting saturated we have to find alternative methods of transporting and coastal shipping gives this opportunity,” Mehrotra said.
The firm is currently into coastal shipping with its partners, SKS Logistics and Seeways Shipping.
“We have recently finalised a segment between Kandla and Cochin where we will be starting coastal shipping with SKS,” Mehrotra noted.
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First Published: Thu, Apr 24 2008. 02 21 PM IST