New Bahrain firm to fund India’s first logistics city

July 16th, 2008 - 8:56 pm ICT by IANS  

Dubai, July 16 (IANS) Bahrain’s Khaleeji Commercial Bank (KCB) has launched a new firm, Global Logistix Navi Mumbai Investment Company, to fund the development of India’s first integrated logistics city project in Mumbai’s satellite township. The new company has a target capital of $430 million, which will aid in the development of the project that is set to come up on a 400-acre site, Bahrain’s state-run Bahrain News Agency (BNA) reported.

“Global Logistix stands to play an integral part in Navi Mumbai. The economic conditions in India are perfect at the moment to support such an initiative,” BNA quoted KCB chief executive Ebrahim H. Ebrahim as saying in a statement.

“We are looking forward to sustaining this important endeavour as it will aid the infrastructure and logistics industry development that is sorely needed in that region of the world,” he added.

The project is a logistics-focussed real estate development comprising an integrated logistics park on 400 acres of land.

The initial development projects supported by this investment fund will include construction of warehouses, control building, maintenance depots, staff accommodation, parking areas and various other amenities.

“The project is aimed at providing all logistical services in one fully integrated park. This will enable potential and existing businesses the opportunity to increase their operating efficiency, market exposure, and to minimize their operational costs,” Ebrahim said.

He added that once completed, this real estate development would provide a state-of-the-art business place and platform for market participants of varying sizes.

“The bank can foresee Mumbai’s need for a large-scale logistics park, as it is the largest market for retail in India, having approximately 20 percent of the country’s total retail opportunities within its borders,” he said.

Established in 2004 as Gulf Finance House Commercial Bank, KCB is a niche Islamic private bank headquartered in Bahrain and operating under an onshore commercial banking licence granted by the Central Bank of Bahrain.

As a subsidiary of Gulf Finance House, KCB has the objective of widening the activities and enhancing the customer and shareholder value of the group.

It provides financing opportunities for property developers, landowners and property investors across the Middle East.

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