Merrill Lynch, one of the world’s leading wealth management, capital markets and advisory companies has invested close to Rs 300 crore to set up a joint venture company with the DRS Group, a Third Party Logistics (3PL) company based out of New Delhi. The new entity, DRS Warehousing Corporation, will build and operate eight warehouses located in various parts of the country.
The DRS Group is expected to get a 30% stake in the JV, while Merrill Lynch will hold the remaining stake. According to sources, each warehouse will be more than 2,00,000 sq feet and four warehouses will see a completion target before December, 2008.
This is a significant development, considering investors and 3PL companies are investing heavily in warehousing. By 2008, 3PL service providers, with the likes of TNT, Transport Corporation of India, Blue Dart, Gati and Safexpress, are looking at creating more than 25 million sq ft of warehousing space in India.
Read more in
The Economic Times article.
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