Dubai-based Fetchr and Patel form JV for e-commerce
Leading logistics player Patel Integrated Logistics has signed a joint venture agreement with Dubai-based Fetchr to launch a dedicated e-commerce division in India.
"We have signed a letter of intent with Fetchr to launch a 51:49 JV called DeliverEx to dedicatedly serve the e-commerce space both in the B2B and B2C segment," said Areef Patel, executive vice-chairman, Patel Logistics.
He said the companies will together invest around half a million US dollars in the new venture which will be launched over the next two months.
"We hope to have 20-25 branches to begin with and take the branch network to around 200 over the next two years," Patel said, adding that the company would be based in Mumbai.
Fetchr provides cutting edge technology for e-commerce and related services. It is a leading operator in the West Asian markets and will bring in technology for the new company.
Also this quarter, the company entered into a joint venture with Nationwide Group-promoted Pivot Logistics in Saudi Arabia to enter the GCC markets. The JV will begin operations by 2017.