Container Corporation of India (CONCOR) rose 2.60% to Rs 973 after the company said that it has signed a memorandum of understanding (MoU) with Shipping Corporation of India (SCI) to provide seamless end to end logistics solution.
CONCOR and SCI have collaborated to provide integrated logistics solutions to customers and to explore the potential areas of cooperation in multimodal transportation covering ocean, rail, road, & inland waterways for ushering port to last-mile connectivity, the company stated in the press release.
Both the companies intend to explore business opportunities for leveraging the advantage of each others infrastructure and experience in synergy to offer seamless and cost effective end-to-end logistics services to customers under a single window, it added.
Sanjay Swarup, CMD, CONCOR, stated, This MoU will enable us to utilise SCIs shipping services to develop CONCORs footprint at overseas locations and also to foray in the field of coastal & inland waterways trade to offer a wide range of customisable logistics solution for the benefit of trade at large.
CONCOR operates 59 terminals across the country along with two strategic tie-ups. The company's primary operation is to provide inland transportation of containers from ports using rail wagons. The company also manages cold storage chains and warehouses.
The Shipping Corporation of India (SCIL) is a national carrier, with the Government of India (GoI) holding 63.75% of the equity as on 31 March 2024. SCIL is the largest Indian shipping company in terms of capacity with a diversified fleet profile. The company is diversified in terms of its business segments, namely, crude oil/product tankers, dry bulk, offshore services, and container operations. The company also has a presence in passenger vessels, chemicals and gas transportation. Shares of SCIL rallied 3.02% to Rs 221.50 on the BSE.
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