New Delhi: Apollo LogiSolutions Limited, (ALL) a subsidiary of Apollo International and Spire Group, Canada, executed a joint venture (JV) agreement for $250 million to construct and operate temperature controlled warehouses in India. The JV will operate under the name “Apollo Everest Kool Solutions”.
Patrick A. Gouveia, owner of Spire Group operates a large public refrigerated company in North America with 54 facilities (240 million cubic feet) with over 5400 employees. He has concluded the $250 million joint venture as part of the global expansion of Spire Group into developing markets.
With facilities of $450 million under contract in Romania, Maldova, Bulgaria, Ukraine, Russia and Montreal, Canada, he estimates an unprecedented demand for modern temperature controlled warehouse facilities that comply with international health and safety standards in these markets.
The JV will construct up to 15 temperature controlled warehouses in India starting in 2008. The first two temperature – controlled facilities will be built in Mulund and Panvel. Spire Group will work with Apollo LogiSolutions in the design and construction of these facilities.
Currently the company is managing an ICD at Mulund and is in the process of setting up a logistics hub in Panvel, at a distance of 32 kms from JNPT, India’s premier container port in Nhava-Sheva, near Mumbai.