Active Stocks
Fri Sep 22 2023 15:58:38
  1. Tata Steel share price
  2. 126.7 -0.86%
  1. HDFC Bank share price
  2. 1,529.2 -1.57%
  1. State Bank Of India share price
  2. 598.1 1.67%
  1. Power Grid Corporation Of India share price
  2. 199.1 -1.34%
  1. Tata Motors share price
  2. 621.1 -0.93%
Business News/ Companies / News/  Stellar Value Chain adds 2 million sq ft in warehouse space

New Delhi: Stellar Value Chain Solutions has expanded its warehouse capacity by 2 million sq ft in May, the company said in a statement on Monday.

It has added 1.5 million sq ft warehousing space at Bhiwandi in Maharashtra and 0.5 million sq ft at Banur in Punjab. With the latest expansion, the total warehousing capacity of Stellar Value Chain Solutions has risen to 16 million sq ft, the company added.

The capacity addition is primarily aimed at managing pan India supply chain operations for a consumer durable giant, the company said.

The Mumbai-based company plans to roll out 5 million sq ft of warehousing operations every year and is in the process of raising primary capital of up to 400 crore for further growth and expansion, it said.

"Through this venture, we have assumed responsibility for a substantial part of their supply chain, including the pan India distribution centres located at Bhiwandi and Banur, as well as two regional distribution centres," chairman and managing director Anshuman Singh said.

The company has also issued a request for quotation for the development of 10 million sq ft of logistics space either through the built-to-suit route or the ready-to-move route as the need may be over the next two years. 

Built-to-suit facilities are being explored across Mumbai, Bangalore, Lucknow, Patna, Guwahati and some other cities. The ready-to-move options are being explored across the 21 major cities in the country where the company is already present.

In October last year, the third-party logistics company had set up operations in five new cities namely Surat, Nagpur, Indore, Raipur, and Patna, thus increasing the company's footprint to 14 million sq ft of warehousing space.

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Updated: 05 Jun 2023, 05:49 PM IST
Next Story
Recommended For You
Switch to the Mint app for fast and personalized news - Get App