Rs 314.6 cr state-of-the-art cargo handling logistic park near Vapi to be functional next year.

A state-of-the-art cargo handling logistic park with an estimated investment of Rs. 314.6 crore being set up in Tumb village near Vapi in Gujarat would become functional from October next year.Spread over 28 acre land, the park would have dedicated warehouse and cold storage facilities along with other logistics related to the cargo handling.

The park is being set up by the leading player in container freight station (CSF) operator Navkar Corporation which also announced the issue its initial public offering (IPO) today that opens from August 24 and plans to collect Rs. 600 crore through sale of equities.

'Rs. 314.6 crore out of the IPO fund would be utilised in the park project which would be completed by September next year and become functional from October the same year', CEO of the company Nemichand Mehta and Chief Financial Officer (CFO) Anish Maheshwari said here today. The company, which has a cargo handling capacity of 310000 twenty foot equivalent units (TFU) through its CSFs (two in Ajivali and one in Somathane near Panvel in Raigarh district of neighbouring Maharashtra) is also venturing in to the inland container depot (ICD) business from Gujarat with setting up of its first such depot near Vapi. 'The ICD would also be near the same site closer to Vapi. But it won't be funded through the IPO money. It will become operation from June next year. The two facilities would work in tandem, Mr Maheshwari said.

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