New Delhi: Logistics firm Transport Corporation of India (TCI) announced to open offices in Beijing and Shanghai in China and later in Europe to tap the growing business of Indian companies.
“By next month, our offices in Beijing will become operational and later offices would be opened in Shanghai and few locations in European Union,” TCI Vice-Chairman and Managing Director D P Agarwal said.
TCI, which is listed on the BSE and the NSE, has major corporate clients like Toyota, P&G, Hindustan Uniliver and Bajaj Auto among others.
Referring to high growth of bilateral trade between India and China, Agarwal said that the company would make efforts to tap the cargo and courier business from Indian and Chinese companies.
TCI will invest Rs200 crore over the next two years to expand its business in shipping and road transport.
“We are going to invest Rs200 crore to add more ships and trucks to our fleet of six ships and over 1,000 trucks,” said Agarwal, adding the company has already spent Rs150 crore on expansion plans in last two years.
With an annual turnover of over Rs1,200 crore, TCI posted net profit of Rs32.9 crore in 2007-08.
“We are expecting a growth of 20%-25% in business this year and hope to achieve revenue of Rs2,000 crore by 2010,” he said.
When asked, he said that the company would utilise internal funds for expansion plans, adding if needed it could raise funds from the market.