Allcargo Logistics Limited has informed that the board of directors of the company at its meeting has inter alia approved the development of the Logistics Park, at District Jhajjar, Haryana, connected to Dedicated Freight Corridor and a rapidly growing National Capital Region, subject to the requisite regulatory and other approvals.

Initially, the company would set up warehouse(s) and Inland Container Depot(s) through Special Purpose Vehicles companies ('SPVs'), viz. Allcargo Multimodal Private Limited and Allcargo Inland Park Private Limited, being wholly owned subsidiaries of the company. The company through its SPVs, would acquire land parcels admeasuring 93 acres or thereabouts for the aforesaid purpose. Additional land parcels would be procured in a phased manner.

Apart from the above, land parcels admeasuring 28 acres or thereabouts would also be taken on a lease basis for rail link connectivity. Total outlay for setting up the Logistics Park, at Jhajjar would be approx. Rs.500 crores out of which up to Rs.150 crores would be incurred immediately for procurement of the said land parcels and balance would be incurred in a phased manner over a period of 3- 5 years.