Allcargo to setup logistics park in Haryana
India's leading freight carrier Allcargo Logistics had informed that the company will invest Rs. 500 crore to develop a logistics park in Jhajjar, Haryana.
The company's board has approved the plan to setup a logistics park in Jhajjar that would connect the Dedicated Freight Corridor and NCR region. Through this investment the company aims to cater to the growing container traffic movement in north India.
To develop the park, the company will acquire land parcel for approx. Rs. 150 crore through SPVs, the remaining funds of the Rs. 500 crore investment will be deployed in a phased manner to set up warehouses and Inland Container Depots.
Meanwhile, the stock of Allcargo Logistics was trading at Rs. 140.90 per share, up by 0.39 per cent on BSE at 14:09 hours on Wednesday, while the benchmark index BSE Sensex was at 35,190.12, up by 29.76 points or 0.08 per cent.