15/3/2019
PUNE: France-based
FM Logistic said that it plans to invest USD 150 million, around Rs 1,000 crore, over the next five years to set up new wareheouss in India. This amount will be
used to focus on multi-client warehouses, the company said.
CEO Jean-Christophe Machet said: "I am impressed by the
dynamics of India, and planning to make strategic investments here to support
long-term growth. We are confident about our growth and development so we
decided at the board level to invest this significant amount of USD 150 million
for next five years to develop our own facilities."
The company plans to expand to five cities including four
metropolitan cities, he added. When asked how will the funds be arranged, he
said the company is in the process of negotiating with local and international
finance partners for funding and will also use its own equity. In 2016, the
company entered India through the acquisition of Pune-based Spear Logistics.
"We see a huge untapped potential in India. The GST
reform provides a huge opportunity. Thanks to the new positive policies in
India, our operations have become even more streamlined and efficient,"
the CEO said.
The company expects a very strong double-digit growth in India
in the next fiscal, he added. "FM Logistic plans to strengthen its
position in India by delivering on its post GST strategy of focusing on
developing multi-client warehouses in the most important Indian Economic
Zones," Machet said.
The opening of the company's first multi-client warehouse in
Mumbai (with extension in progress) will be followed by another in Delhi NCR,
which is expected to commence operations next month, the company said. It has
also acquired 31 acre land in Jhajjar, near Gurugram.
"With these new projects we aim to create 500 jobs in
next 12 months," it said. FM Logistic specialises in warehousing,
transportation and co-packing. FM Logistic also announced appointment of
Alexandre Amine Soufiani as its new Managing Director of India operations.
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