Chennai: Free trade warehousing zone to enhance trade

Published: 22nd July 2013 11:55 AM  |   Last Updated: 22nd July 2013 12:26 PM   |  A+A-

Indev Logistics, an infrastructure-based logistics provider, is planning to foray into coastal shipping besides an initial public offer (IPO) by 2016, according to S Xavier Britto, chairman of Indev Group.

Speaking after the inauguration of Indev Logistic’s first Free Trade Warehousing Zone facility at J Matadee Free Trade Zone recently at Mannur Special Economic Zone, he said that Indev’s IPO will ensure realisation of Indev’s dream of expansion into coastal shipping.

He also said that the group has invested more than $200 million in its various infrastructure facilities across India and will be investing $20 million in its free trade warehousing zone (FTWZ) facility in a phased manner.

The creation of FTWZ would aim to create Chennai as a global trading hub by carrying out trade transactions in free currency for its import and export of goods and services. FTWZ is a ‘sanitised zone’ designated as foreign territory within India that is to be used as one of the an international trading hub  with a bundle of various value added services.

Britto said that FTWZ, which was strategically located near the sea or air terminals with rail or road links to entire country, will have special powers and can hold foreign goods for five years without registering with local bodies or government.

The facility was inaugurated by George Yeo, former Singapore minister and chairman of Kerry Logistics Network, Hong Kong.

Also present during the occasion were A K Bamba, development commissioner, MEPZ, Special Economic Zone, Ajit Singh, consul general of Singapore and Chozanachiar Rajasekar, president of Tamil Chamber of Commerce.

Singh said that Indev was a valuable partner for Singapore companies in India. He said that the bilateral trade between India and Singapore was worth $35 billion and currently, 4,000 Indian companies are operating in Singapore.

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