Public sector company Container Corporation of India (Concor) on Monday announced that it has signed a memorandum of understanding with Vizhinjam Port to build a cargo facility in Kerala.
In a stock exchange filing, the Navratna company said that the non-binding and non-exclusive collaboration is to develop a container freight station (CFS) in the vicinity of Vizhinjam International Seaport (VISL).
Under the said MoU, the land for development of the CFS will be provided by VISL on mutually agreed terms, and both organisations will jointly work on the project.
The cargo facility is expected to offer services such as a customs-bonded area, warehouse, container handling and storage yards, import-export cargo handling facilities, weighbridges, and other related facilities for seamless end-to-end services to customers.
Both the companies will now frame detailed terms and conditions of mutual collaboration on the project.
In the statement, Concor said that the partnership reflects the shared vision of strengthening multimodal logistics capabilities and improving cargo handling efficiencies at Vizhinjam International Seaport, a key upcoming deep-water transshipment hub envisioned as a gateway for global maritime trade.
The partnership is expected to support the development of an integrated logistics ecosystem contributing to regional and national economic growth.
“This strategic collaboration further reinforces Concor’s commitment to providing seamless, rail-led multimodal logistics solutions and expanding logistics infrastructure in line with the evolving needs of India’s EXIM trade.”
Concor informed the exchanges about the development towards the end of the trading hours. Its stock closed today’s session at Rs 507, marginally higher than the previous close. During the day, its stock price increased to Rs 512 apiece but weakened towards the end.
During the December quarter, the company posted revenue of Rs 2,301 crore and a net profit of Rs 329 crore.
