Indospace ties up with Kool-ex to develop 3 warehouses for pharma industry at Rs 400 cr cost

Kool-ex is a leading pharma cold chain logistics service provider with the largest reefer fleet of 350 vehicles. "We are delighted to partner with Kool-Ex as they venture into temperature-controlled warehousing," said Rajesh Jaggi, vice-chairman (real estate) of Everstone Group.

IndoSpace, which is into the development of industrial and logistics parks, has tied up with Kool-ex to set up three warehouses catering to the pharmaceutical industry in Mumbai, Delhi and Bengaluru with an investment of around Rs 400 crore. Kool-ex is a leading pharma cold chain logistics service provider with the largest reefer fleet of 350 vehicles.

"We are delighted to partner with Kool-Ex as they venture into temperature-controlled warehousing," said Rajesh Jaggi, vice-chairman (real estate) of Everstone Group. He added that the amalgamation of IndoSpace's warehousing expertise along with the cold chain logistics ecosystem of Kool-Ex will help in building the state-of-the-art infrastructure, to support the growing needs of cold chain pharma warehousing and distribution in India.

IndoSpace and Kool-ex will jointly design and set up three warehouses in the first phase by 2021 in proximity to Mumbai, Delhi and Bengaluru. The capacity of each warehouses will be 42,000 pallet positions, according to a company statement. According to sources, the investment in these three temperature-controlled warehouses is estimated at around Rs 400 crore.

"Kool-ex has plans to set up 10-11 warehouses by 2023, making it the largest pharma storage footprint in the country," it said. Kool-ex is gearing up to become a full stack, end-to-end supply chain solutions provider to the pharma industry. The spread of services will include warehousing, secondary distribution, passive packaging, and blockchain for end-to-end tractability of pharma products, apart from its core existing business of providing temperature-controlled transportation.

The partnership with Kool-ex will enable IndoSpace to venture into pharma warehousing. Kool-ex is also in advanced talks with investors to raise growth capital for these initiatives and has appointed KPMG in India for financial advisors to the process, the statement said.

Kool-ex Warehousing Director Rahul Agarwal said, "We aspire to become the largest dedicated player in the pharma warehousing space offering over 10-11 GDP/GWP-compliant, multi-client, pharma distribution centres over the next three years." GDP stands for good distribution practice and GWP is good warehousing practice..

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)