Gati aims $2.5 bn turnover, allies with European majorFebruary 25th, 2008 - 7:53 pm ICT by admin
New Delhi, Feb 25 (IANS) India’s leading courier and cargo delivery firm Gati Ltd said Monday it was targeting revenue growth of Rs.10 billion ($2.5 billion) by June 2009, and announced an alliance with European parcel service giant General Logistics Systems (GLS). “We have a huge presence across the country and we are building our network through our warehousing facilities both in metros and tier-II cities as we have set a target of becoming a Rs.1,000 crore (Rs.10 billion) company by June 2009,” Mahendra Agarwal, Gati’s managing director and CEO, told IANS.
Gati’s strategic alliance with GLS will help customers send their shipments to the remote areas of both India and Europe.
“With the added benefits of GLS’ infrastructure in Europe, their wider footprint across 36 countries and greater network flexibility, the GLS alliance will provide Gati’s customers faster access and superior parcel services to Europe besides our existing market offerings in India and the Asia Pacific region,” Agarwal said.
“We believe that GLS is uniquely positioned to support our business efforts and expand our presence to the European markets.”
The firm runs automated warehouses and plans to build 19 of these by 2009, of which half have already been constructed.
For this the company has committed an investment of $100 million, a large chunk of which has been put in already, Agarwal said.
The company registered revenues of Rs.4.6 billion in 2006-07 and is planning to achieve a turnover of Rs.6.5 billion by the end of the current fiscal. It employs 3,500 people.
The firm, based in Secunderabad in Andhra Pradesh, has a presence in the Asia Pacific region with market presence in China, Hong Kong, Singapore, Sri Lanka, Thailand, Dubai and Nepal.
It handles around 30 million parcels a year having one of the largest fleet on road in India with 4,000 vehicles, a fleet of freighters, infrastructure, automated warehouses and a multi-modal network.
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Tags: asia pacific region, business efforts, cargo delivery, china hong kong, crore, european markets, freighters, gati ltd, general logistics systems, hong kong singapore, mahendra, market offerings, market presence, network flexibility, parcel service, parcel services, rs 6, secunderabad, target, tier ii