Global logistics giant GLP and private equity firm Everstone, both headquartered in Singapore, have established a US$500m (€440m) partnership to invest in Indian logistics.
The companies are seeking to invest in India’s “logistics ecosystem”, including the technology required for express delivery, smart trucks, telematics, and automation and robotics.
In September 2018, GLP entered the India market through a joint venture with IndoSpace, the largest industrial real estate company in India and part of the Everstone Group.
Ming Mei, co-founder and CEO of GLP, said: “We see significant room to further integrate the use of technology in India’s logistics industry.”
Mei said his group would work closely with Everstone to establish a smart ecosystem that harnesses technology to accelerate growth, create value and drive returns for all stakeholders in India.
Sameer Sain, co-founder and CEO of the Everstone Group, said, “This new partnership with GLP will allow us to leverage each other’s strengths to create a unique technology-led logistics investment strategy in India.”
Everstone is an investment group focused on India and South East Asia, with assets in excess of US$5bn across private equity, real estate, green infrastructure and venture capital. GLP manages approximately US$60bn of logistics assets across the world.
“Our existing capabilities and national network, coupled with GLP’s strong global track record and expertise, will enable us to add significant value to our investments,” said Sain.
GLP has invested in Tompkins International – a US based company that offers supply chain solutions – and G7 – the largest telematics platform provider in China used by 90% of China’s largest trucking companies – amongst other investments.
India will be the fourth country in which GLP will offer these services, following China, US and Japan.
This is the second partnership that GLP has struck up with a leading Indian company in as many months.