This partnership aims to offer integrated logistics solutions to leverage Seino’s global relationships with Japanese Automotive customers and serve their logistics requirements in India, the company said.
The Company has approved an investment of an amount up to INR 2.20 crore (in one or more tranches) in the JVCo. The completion of the order will be on September 30, 2024. The company will be holding 50% of the Equity Share Capital of the JVCo. and the balance 50% will be held by Seino.
Under the terms of the agreement, the companies will form a Joint Venture, owned by Mahindra Logistics and Seino Holdings. This JV will focus on providing Japanese automotive & strategic non-auto customers with integrated logistics solutions covering auto outbound, warehousing & transportation, and a comprehensive technology suite, Mahindra Logistics said in its regulatory filings.
With a strategic focus on electric vehicles and programs such as “Make In India”, the industry is estimated to see continued growth from Japan-based OEMs and auto component manufacturers.
Yoshitaka Taguchi, CEO, Seino Holdings Co. Ltd., said, “Seino Holdings is expected to provide significant value to customers, and in collaboration with Mahindra Logistics' unmatched capabilities, we endeavour to serve Japanese customers in India. Through this partnership, we will offer comprehensive logistics solutions supported by digitization, innovation, and a customer-centric approach, allowing us to efficiently manage the end-to-end supply chain”.
Rampraveen Swaminathan, MD & CEO, Mahindra Logistics Limited, said, “India's economic resurgence, complemented by its unique geographical location, offers Japanese multinational companies an unprecedented opportunity in the country. Seino Holdings, with its distinguished legacy of business excellence, is in alignment with our commitment to delivering exceptional customer experiences and robust process capabilities throughout the supply chain. We envision this partnership contributing to the creation of a sustainable INR 1,000 crore business model over the next five years, further reinforcing the 'Make in India' initiative and fostering local manufacturing and economic growth”.
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