Stock Report

TCI Cold Chain Solutions Limited enters into a joint venture with MITSUI & Co Limited



Posted On : 2021-11-03 10:35:38( TIMEZONE : IST )

To meet the country's growing demand for temperature-controlled logistics solutions, Transport Corporation of India Ltd. (TCI), India's leading integrated supply chain and logistics solutions provider, announces its joint venture with MITSUI through its subsidiary TCI Cold Chain Solutions Ltd ('TCI CCS').

TCI CCS provides integrated cold chain logistics services in India, with a focus on temperature-controlled storage and transportation, for major local and global companies across various industries that include fresh food supply, pharmaceuticals, chemicals and quick service restaurants (QSR) etc.

Through its state-of-the-art multi-user & multi-temperature warehouses and fleet of reefer vehicles, TCI CCS offers primary distribution of products from plant to warehouse, and secondary distribution from its warehouse and distribution centers to retailers.

TCI CCS has a handling capacity of up to 10,000+ pallet positions across entire temperature range (-25 to +25 degrees Celsius) in major cities across India. This is in addition to TCI Group's 12 million square feet of warehousing space and handling capacity.

Mitsui's investment in TCI's cold chain business builds on over two decades of co-operation between the two companies, dating back to the joint founding in 1999 of Transystem Logistics International Pvt Ltd., a logistics company serving India's automotive sector with 'just in time delivery' of automobile components and service parts.

Commenting on the partnership, Mr. Vineet Agarwal, Managing Director of TCI stated, "We look forward to joining forces with Mitsui - a familiar and trusted partner - in our cold chain business.

Our 60+ years of legacy as one of the leaders in Indian logistics space synergized with Mitsui's global expertise in logistics & supply chain management positions us well to deliver best-in-class services to the customers. Moreover, drawing on the logistics capabilities developed by Mitsui in Japan, we aim to scale-up and further build a robust cold chain infrastructure in India thus adding value to our customers."

Shares of Transport Corporation of India Limited was last trading in BSE at Rs. 776.60 as compared to the previous close of Rs. 689.10. The total number of shares traded during the day was 67809 in over 2934 trades.

The stock hit an intraday high of Rs. 799.00 and intraday low of 675.00. The net turnover during the day was Rs. 50201517.00.

Source : Equity Bulls

Keywords

TransportCorporationofIndia INE688A01022 TCI SurfaceTransportation ColdChainSolutions MITSUI