Caravel Logistics, a multi modal transportation company based in Chennai, has launched its first cellular container vessel at Tuticorin. Addressing presspersons here on Tuesday, Saju Chacko, Chairman of the company said the ocean liner, with a capacity of 585 TEU, would be deployed on Mundra-Kochi-Tuticorin-Dubai route and would have fixed day schedule helping customers preplan their shipments with certainty of cargo movement.
BTS Investments of Switzerland has funded the acquisition by bringing in Rs. 25 crore through private equity.
According to C. Jayakrishnan, Director of the company, the acquisition initiative would help in increasing the revenue by Rs. 40 crore. The company has reported a turnover of Rs. 250 crore and plans to end the year ending March 31, 2010 by crossing Rs. 320 crore mark.
Caravel is also planning a further investment of Rs. 75 crore for expanding its activities. The plan is to start a container freight station in Chennai and later in other parts of the country. To boost its presence and worldwide network, the company is set to open offices in China and East Africa.
