Chennai-based logistics company, BIC Logistics Limited, has formed a joint venture with Australia’s Toll Global Logistics.
The new company, called BIC Logistics Ventures Limited, will invest around Rs 100 crore in the next two years to buy equipment and trucks and to expand its warehouse network, according to Shankar, managing director, BIC Logistics Ventures.
At present, the company has 50 branches across India and four warehouses in Chennai, Bangalore, Pune and Gurgaon. New integrated warehouses, each of around 500,000 sft will be added in Chennai, Rudrapur in Uttarakhand, Bangalore and Gurgaon by the end of this year, said D Pragasam, chief operating officer, BIC Logistics Ventures.
The company that has around 105 trucks expects to add 25 more trucks to its fleet by the end of this year. By 2012, the fleet will be expanded to 300 trucks, he added.
The 60:40 joint venture will facilitate the parent company, BIC Logistics, to focus on warehousing apart from trucking.
The Rs 120-crore company also aims to double its revenue by the next fiscal. “We are targeting a turnover of Rs 500 crore by 2012,” Shankar said.