Apollo LogiSolutions divests KIFTPL for Rs 156 crore

Apollo LogiSolutions on Friday said it has divested Kashipur Infrastructure and Freight Terminal Pvt Ltd KIFTPL to Gateway Distriparks for Rs 156 crore.The move is part of a strategy to add significant strength and boost market share in contract logistics.

Apollo LogiSolutions on Friday said it has divested Kashipur Infrastructure and Freight Terminal Pvt Ltd (KIFTPL) to Gateway Distriparks for Rs 156 crore.

The move is part of a strategy to add significant strength and boost market share in contract logistics. KIFTPL was a non-core, standalone asset which did not form part of the company's future strategic roadmap, Apollo LogiSolutions said in a statement.

''The long-term business strategy is to focus on assets and capabilities that will enable us to unlock the next big wave of business growth,'' Apollo LogiSolutions Chairman and Managing Director Raaja Kanwar said.

The company said the growth of the contract logistics segment has been fueled by rise in e-commerce, ease of regularisation, launch of the National Logistics Policy, and the growth of the direct-to-consumer model.

Apollo LogiSolutions said currently, it manages 2.1 million square feet of warehousing, with a strong presence across transport and logistics services, including full truck load, partial truck load and last-mile deliveries. Besides, it also has its own assets for specialised transportation for two-wheeler movement and liquid logistics.