CEVA Logistics sees India among co's top 5 markets within 3 years, says Deputy CEO
CEVA Logistics, one of the largest third-party logistics (3PL) companies in the world, expects India to be among its top five revenue generating markets within the next three years, led by the market’s growth potential and the government’s policy initiatives including programmes like ‘Make in India’, said a top company executive.
“India is the place to be. The economy is firming up and showing solid transformation through growth.
The second big trend that we can see is the relocation of manufacturing into India, which then actually serves the world. This requires additional warehousing and transportation capabilities,” Olivier Storch, deputy CEO, CEVA Logistics, told ET in an exclusive interaction.
According to him, the growth prospects and boost to manufacturing are two very strong traits that make the Indian market attractive and the company will bring in further investments to service the Indian market and also support the government’s ‘Make in India’ initiative.
The CMA CGM Group company recently acquired private equity major Warburg Pincus’ over 96% stake in tech-driven third-party warehouse and distribution service provider Stellar Value Chain Solutions that has 7.7 million sq ft of total logistics area across 21 key locations in India.
CEVA Logistics itself is currently present in 75 locations across 35 cities in India.
It has managed nearly 111 million sq ft across 900 warehouses globally as of 2022-end.
“Over the last several years, we have had a strong and strategic merger & acquisition focus to add scale, geographic strength in important markets and new capabilities. The Stellar acquisition helps CEVA diversify our presence in India, boosting our local workforce, assets, customer roster and capabilities,”
