Transportation
Transportationation in Surat
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G.N.4,5 Reshamwala Compound Vitthal Dying Umarwada Ring Road Surat. Khatodara.. P.C. 395002, Surat, Surat.What you should know about Transportation
Surat Andhra Logistics has raised Rs 1crore from New Silk Route (NSR), an Asia-focussed private equity fund. The company plans to use the funds to retire its high cost debt amounting to Rs 10 crore and also fund expansion plans.
“After deferring our public offer plan last year due to the unfavourable market conditions, three to four investors had approached us for investing in our company. We have now signed the agreement with NSR and raised Rs 1crore. The purpose is to clear our high cost debt, which is of the order of Rs 5 crore raised from select banks and financial institutions. We will also use part of the funds for our expansion plans,” Saikh Mo.Sharif, chairman, Surat Andhra Logistics, told Business Standard.
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Explaining why investing in SAL was an attractive proposition for NSR, he said: “Logistics is a risk-taking, ‘daredevil business’. It takes a long time to establish the business. Today, SAL has a vast network with wide-ranging services from goods transport to passenger services. There are no real competitors to us in this business because we are the only company to provide both goods transport solutions and passenger services. No other logistics company has more than 25 trucks in their fleet, ”
He said there is no other logistics company that can match the kind of pricing, quality of service, personal care, wide reach and network that Surat Andhra Logistics offers. Today, Surat Andhra Logistics has 10 branches across the country.
Presently, Surat Andhra Logistics operates 25 trucks for its goods transp-ort and passenger businesses. It plans to buy more trucks and buses this year to expand its fleet.
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