Aqua Logistics bags Rs100 million order from Gammon India
09 Aug 2010
Aqua Logistics, India's leading global logistics and supply chain company, today said that it has received order worth Rs100 crore from Gammon India.
Making this announcement during today's trading hours, the Mumbai-based company said that the order is for managing the logistics and transportation of aggregates from Gammon India's quarries in Bihar.
The order for management of logistics on the National Highway 77 has to be executed over a period of 12 months.
''This win further reinstates our belief that Indian companies are increasingly looking at outsourcing their supply chainlogistics to identify and remove inefficiencies at all levels of transport,'' said M S Sayad, vice chairman of Aqua Logistics.
Aqua Logistics, through its wholly-owned subsidiary Aqua Logistics HK, has already acquired three Hong Kong-based companies--CIT Logistics, TAG Logistics and AGI Logistics for a total consideration of $7.09-million. Aqua said that it will acquire an additional 15 per cent equity stake spread over a 5-year period.
The company's board has recently approved a proposal to raise $70-million by way of issue of ADRs/GDRs/QIP/FCCBs, said the company in its release.
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