IDFC Private Equity has invested Rs 450 million in equity shares of logistics company- Delhi Assam Roadways Corporation (DARCL), reports Economic Times. DARCL raised this amount for part funding its expansion plans, which include starting container train operations by September.
“We have raised Rs 450 million through private placement to IDFC to part fund our new business initiatives. The company would invest Rs 500 million in acquiring three rakes and 600 containers and the container freight business is expected to be operational by September this year,“ DARCL director J L Seth said.
The company has entered into an agreement with the Indian railways to operate container trains throughout the country and expects the new business to push its overall revenues to Rs 10 billion mark by 2008-2009.
The company operates over 5,000 trucks through out the country and caters to a host of corporate and public sector companies including SAIL, BHEL, Jindal group, Vedanta Group, Tata Steel, Aditya Birla Group, Marico, Usha Martin, Bharat Shell and Castrol among others.
Source : Myiris