Safexpress to invest Rs 1000 crore to expand

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On the back of a boom in retail activities in the country, logistics services provider Safexpress plans to invest Rs 800-1,000 crore over the next five years in expanding its operations.

The company will set up logistics parks comprising warehouses, vendor management, raw material management, and finished product storages, among others, at 32 locations across the country. Each park will come up on 25-30 acres. Around 70 per cent of land across various locations have been acquired by Safexpress’ group company, which is into realty business.

The company is also in the process of establishing a 3 lakh square feet logistics park near Chennai, with an investment of Rs 35 crore.

Privately held Safexpress has been growing at 35 per cent, posting turnover of Rs 450 crore in 2006-07. The company expects similar growth this year as well, Pawan Jain, chairman and managing director, Safexpress, said in a statement at CII Logistics 2007 summit in Chennai.

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