Everstone and GLP to invest $ 500 mn in India’s Logistics Ecosystem
Everstone, an investment firm focused on India and South East Asia and GLP, a provider of modern logistics facilities and technology-led solutions, have established a long-term partnership to invest in the logistics ecosystem in India. Both firms will invest approximately US$500 million in strategies and technologies to enhance logistics efficiency.
The firms are eyeing opportunities across the logistics value chain in India, including express-delivery, smart trucks, telematics and automation/robotics.
“We see significant room to further integrate the use of technology in India’s logistics industry. We look forward to working closely with Everstone to establish a smart ecosystem that harnesses technology to accelerate growth, create value and drive returns for all stakeholders in India,” said Ming Mei, Co-Founder and CEO of GLP.
GLP has been investing in technology companies over the last few years to improve logistics efficiency and drive cost savings. India will be the fourth country in which GLP will offer the services, following China, US and Japan. 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.
In September 2018, GLP entered the India market through the establishment of a strategic joint venture with IndoSpace, an industrial real estate company which is part of the Everstone Group. GLP has US$60 billion in assets under management across its real estate and private equity segments. The Company’s real estate fund platform is one of the largest in the world, spanning approximately 720 million square feet.
“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. 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 Sameer Sain, Co-Founder and CEO of the Everstone Group.
“The partnership will leverage GLP’s extensive expertise in pioneering modern logistics ecosystems and Everstone’s large and growing network through its private equity, infrastructure and real estate portfolio,” read a communiqué from the company.
