Mumbai: Apollo LogiSolutions Ltd has announced its entry in the inland container depot (ICD) segment by entering into a joint venture named Kashipur Infrastructure Freight Terminal Pvt. Ltd (JV) with India Glycols Ltd.

ICDs or dry ports are temporary storage facilities away from ports, for import and export containers under customs and other government agencies.

Apollo LogiSolutions is the logistics arm of Apollo International Ltd, a diversification initiative of the Apollo Group promoted by Onkar Kanwar.

Apollo LogiSolutions will hold 51% in the JV that will develop, manage and operate a freight terminal at Kashipur, Uttarakhand at an estimated project cost of 90 crore.

The JV will be funded through a combination of debt and equity, the company said in statement.

The facility is expected to be operational by April 2015.

Last month, Apollo LogiSolutions acquired a controlling stake in the UAE-based Clarion Shipping Services LLC for 400 crore.