logistics in-india-part-2 - kpmg

Logistics in India 1

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GloBal tranSPort

Logistics in IndiaPart 2

KPMG international

CONTENTS

2India: Many Investment Opportunities across

Transportation, Storage and Services

4Where and How Foreign Investors Can Play in

the Indian Logistics Market

6Evolution of Transportation in India

10Evolution of Warehousing in India

143PL: A New Logistics Services Paradigm for India

18Conclusion

19Acknowledgements

20About KPMG



Foreword

This is the second part of a three-part white paper on the Indian logistics opportunity. In the first part, we looked at the Indian logistics landscape and its associated complexities and level of fragmentation.

In this part, we focus on the relative attractiveness of various segments of logistics and a deeper understanding of key issues and trends in transportation, storage and service elements of the logistics value chain.

The transportation sector in India is still dominated by the road segment. Over the past 10 years, stung by unchanging industry fragmentation, steadily declining profitability and changing customer needs, FTL players have veered towards new transportation business segments such as container rail transportation, Less Than Truck Load (LTL) movement, project logistics, warehousing, 3PL and cold chain.

Similarly, the modern warehousing industry in India only started to evolve in the early part of this decade and the last five years, in particular, has seen a noticeable improvement in the quality of warehousing facilities. Legacy warehouses (or ‘godowns’, as they are known in India) have mostly been basic structures or sheds, and are gradually evolving to world-class standards, with high bay, modular racking systems, palletization and the usage of automation and information technology.

The services side of logistics is also evolving from freight forwarding dominance to more evolved plays such as Third and Fourth Party Logistics (3PL / 4PL), whereby many logistics service providers are promising customers end-to-end cargo management capabilities, while they attempt to establish asset ownership in key parts of the cargo value chain.

Given this massive need to upgrade infrastructure and know-how, Indian logistics companies are increasingly looking at forming partnerships with leading global players for expertise, and have also been accessing private equity and capital markets to fund growth. This presents an excellent opportunity for foreign companies to engage in the Indian logistics industry.

In the final part of this study, we will look at some of these investment considerations that may be of relevance to foreign companies keen on tapping into the Indian logistics industry.

1

2 Logistics in India


Attractiveness of Some Key Logistics Sub-segments

Innovation Potential

Competitive IntensityProfitabilityGrowth Potential

Overall Attractiveness

Current Market SizeSub-segment

Innovation Potential

Inland Container Depots

Logistics Parks

Ports

Project Logistics

Coastal Shipping

Cold Chain

Competitive IntensityProfitability

Courier Services

3PL / 4PL

Freight Forwarding

Container Freight Stations

Modern Warehousing

Express Logistics (LTL)

Growth PotentialOverall

AttractivenessCurrent Market

Size

Road Transportation (FTL)

Container Rail Transportation

Tra

nsp

ort

atio

nS

tora

ge

Ser

vice

s

Key: – Low– Medium– HighSource: Industry discussions, KPMG engagement experience



India: Many Investment Opportunities across Transportation, Storage and Services

The need to reinvent logistics business models is expected to lead to significant investment opportunities, across storage, transportation and services. However, there may be growth opportunities in segments that are seemingly less attractive, if new business models and niches can be created. For example, in the courier services segment, logistics companies could look at human organ transportation services, or in the inland container depot segment, companies could set up third party shared terminals that could be accessed by multiple rail operators for a lower access fee than they currently pay.

Significant opportunities exist across every segment of the Indian logistics industry and several leading international logistics companies have already entered the Indian market, both through greenfield set-ups and acquisitions. To date, due to a lack of scale in both supply and demand in the more value added elements of logistics, entry has often been into segments that have been perceived as relatively unattractive (such as FTL trucking). However, this can offer geographic network benefits, along with key customer relationships which have the potential to be uptraded to more profitable services (such as warehousing).



Where and How Foreign Investors Can Play in the Indian Logistics Market

Irrespective of whether a logistics segment is nascent, growing, mature or declining, there could be various plays for foreign investors, depending on their risk-return appetite.

CREATING THE SEGMENT

GROWING THE SEGMENT

CHANGING PARADIGMS IN

MATURE SEGMENTS

TRANSFORMING STAGNANT OR

DECLINING SEGMENTS

Strategic Imperative

Role of Foreign Investors

Source: KPMG



Opportunities for Foreign Investors

Bringing in know-how from foreign •marketsShowcasing proof of concept to •customers and building awareness on the back of a strong global brand

Developing business plans for expansion •Capital infusion •Providing human resource and •management bandwidth

Improving automation and technology •adoptionMigrating existing services to new •industry segmentsAccess to new geographies or customers •Streamlining operations •

Acquiring leading market players and •leveraging their existing capabilities for market access or to expand into adjacent business segmentsProcess improvement •Cost and profitability management •Divestment or asset lightening •

Example Segments

4PL •Logistics parks and FTWZs •Air cargo complexes •Shipbuilding and shipyards •

3PL •Modern warehousing •Project logistics •Cold chain •

Container freight stations •Courier services •Offshore logistics •Ports •

Freight forwarding •FTL trucking •Shipping •NVOCC •



Passenger

Cargo Airways

Coastal

Pipeline

FTL

LTL

XPS

Spot

Contract

29%

62%

5%

<1%

Market segment Transportation modes

Haulage Operators Operations Transactions

Large fleet(More than 20 trucks)

Medium fleet (6–10 trucks)

Small fleet(1- 5 trucks)

4%

Medium(350 to 800

kms)

Last mile<50 miles

Long(More than

800 km)

Short (50 to 350

kms)

Railways

Roadways

Transportation

Source: CRISIL Research - Roads and Highways Annual Review (2009), KPMG Analysis

The most important mode of transportation in India is Road, and this dominance arises from decades of poor supporting infrastructure development on the coastal, pipeline and air transportation side. Despite having one of the world’s largest rail networks, India’s share of cargo transported by rail has declined steadily from over 85 percent in the 1950s to around 30 percent presently. It is due to the poor quality of service (including last mile access solutions), driven largely by the historic monopoly of the government in this vital mode of transportation, as well as massive investments in road highway projects over the past six decades which have enabled trucks to reach hitherto unconnected parts.



Evolution of Transportation in India

Despite the recent privatization of the container rail industry, road transportation continues to grow and gain share from rail — albeit at a slower pace.

707

1,122

1,280

357

8150

58

600

700

800

900

1,000

1,100

1,200

1,300

BT

KM

Primary freight movement through road

Road freightFY03E

Increased freight

movement

Increasedshare of

Road

Road freightFY09E

Increased freight

movement

Increasedshare of

Road

Road freightFY11P

Note: BTKM – Billion Tonne KilometreSource: CRISIL Research - Roads and Highways Annual Review (2009), KPMG Analysis

Despite this growth, the road transportation sector faces many challenges. The industry is highly fragmented, and with low entry barriers, it has seen significant commoditization leading to intense competition among truckers who find their realizations and margins continuing to be squeezed progressively.



Truck Ownership

Medium fleet operator (6-20 trucks)

15%

Large fleet operator (more than 20 trucks)

11%

Small fleet operator (1-5 trucks)

74%

Source: CRISIL Research - Roads and Highways Annual Review (2009)

of new entrants

among competitors

of substitutes

power of consumers

bargaining

power of suppliers

bargaining

threat

threat

High Neutral Low

ForcesImpacting

RoadTransportation

Source: KPMG



These challenges have led road transporters to adopt various de-risking strategies, and this creates an opportunity for foreign players to partner with leading Indian road transportation companies on this transformation journey.

Trucking Industry �Transformation

Diversification by truckers across the logistics value chain (e.g. warehousing,

container rail)

Industry-focused 3PL solution approach (e.g. single window cargo management

solutions)

Focusing on higher value business segments

(e.g. project logistics, cold chain)

Leveraging transportation to deliver higher value solutions (e.g. secondary and tertiary

transportation)

Key Trends

Source: KPMG

Case StudyTransformation of a leading Indian Road Transportation Company

SituationXYZ is one of the largest cargo transportation companies in Asia and handles over 5.5 million tonnes of cargo annually. The company operates a fleet of over 3,000 trucks, moving 15,000 consignments daily, and has a client base of 150,000, which includes a number of top 500 Indian companies.

ComplicationXYZ was faced with declining margins in its traditional FTL business and despite its scale and customer relationships, it was unable to resolve this problem. The company faced intense competition from both large FTL competitors who constantly negotiated bargains with their larger customers to wean away those accounts, and from smaller fleet owners whose lower-cost structures and scant regard for regulations allowed them to undercut prices to smaller and mid-tier customers.

ResolutionXYZ diversified into other segments of logistics which offered higher margins as well as better control over cargo, leading to improved customer stickiness. The company moved into the express logistics segment and offered single window, time-bound, door-to-door distribution services to LTL customers across India. It also ventured into 3PL supply chain solutions, with a focus on key industries, such as automotive, retail, telecom and pharmaceuticals — this allowed XYZ to offer solutions to customers rather than just services. Further, the company set up a global freight forwarding and customs clearing presence — with branches across India and key international locations — and this helped the company originate cargo more effectively. XYZ was also one of the first entrants into the small but highly profitable businesses of cold chain and coastal shipping in India. The company’s transformation was supported by selective acquisitions across these new business segments and selective tie-ups with global partners — including a leading Japanese conglomerate.



Evolution of Warehousing in India

Until a decade ago, warehousing in India was a synonym for basic four-walled structures with sub-optimal sizes, inadequate ventilation and lighting, lack of racking systems, poor hygiene conditions and lack of inventory management or technology solutions such as Warehouse Management Systems (WMS). Although modern warehouses have begun to develop across the country, there is still a significant growth story that remains to be played out in India.

China

Comparative Analysis of Key Variables in Warehousing Space

USAIndiaParameters

Very poor PoorNeutral GoodExcellent

Market Maturity (Fragmentation by contribution of key players to the total industry cost)

Warehouse Infrastructure:

• Size

• Centralisation of warehouses

• Infrastructure

Value Added Services

Level of outsourcing

Skilled Labour

Technology used

Consolidation: Level of usage of Large scale logistics parks and Free Trade & Warehousing Zones

• Unorganized, fragmented warehousing industry

• Highly fragmented, top 20 companies contribute to 7% of revenue

• Market is fragmented in terms of operator's geographical presence

• Average level of infrastructure with small godowns

• Warehousing companies operate a single facility of 200,000 sq ft

• Excellent infrastructure

• 20 largest companies control less than 30 percent of the market

• Godowns with approximate size of <10,000 sq.ft

• Multiple warehouses, one in every state

• Poor infrastructure • High pilferage and loss

• Labour available but with poor training

• Labour available but with poor training

• Highly skilled trained labour

Source: KPMG in Hong Kong Report on Transport in China (2008), Industry discussions

Although large, most of the warehousing space in India lies with unorganized players — largely on the domestic side.



Structure of the Indian Warehousing Industry (2008)

433 mn sq. ft.

107 mn sq. ft.27%

117 mn sq. ft.29%

173 mn sq. ft.44%

367 mn sq. ft.

Domestic Organized

85%

66 mn sq. ft.

EXIM

15%

36 mn sq. ft.8%

398 mn sq. ft.92%

Godown-like and run by small C&F agents

Indian WarehousingIndustry

• High Quality• Private sector

owned

Unorganized

• Medium to low quality

Unaccounted supply

Public sector

In-house warehousing

Source: KPMG Analysis

The industry is experiencing a number of supply and demand side changes, including the following:

i) Resurgence of the Indian Economy and Demand-Supply Gap – after a subdued 2008 – 09, India is again witnessing a surge in the need for storage space. According to KPMG in India estimates, an additional 120 million square feet of warehousing space is needed by 2012 to bridge the demand-supply gap (after accounting for announced projects), and this translates to a massive opportunity for private investment.

615734

43352

7455

0

200

400

600

800 120

Existing Supply(2008)

Supply from Key Players' expansion

plans

Supply from proposed

development of various Logistics

Parks

Supply from proposed

development of various FTWZs

Expected Supply (2012)

Untapped Market Opportunity

Projected Demand (2012)

MN

SQ

FT

India Warehousing Market Opportunity – by 2012

Source: Company reports for Arshiya, MJ Logistics, DRS Warehousing Corp and others C&W Report - Logistics Industry: Real Estate’s New Powerhouse (August 2008), KPMG Analysis



Fewer consolidated warehousing

clusters

ii) Implementation of Goods and Service Tax – currently, owing to multiple and differential state-level taxes, companies in India have set up multiple warehouses, often one per state (to minimize intra-state movements and associated taxation), servicing various parts of the country. This is highly inefficient and leads to higher unit and inventory carrying costs. Effective April 2011, the Indian government plans to introduce a uniform Goods and Service Tax (GST)1,) ) which is expected to level these state taxes and obviate the need for multiple warehouses. As a result, there is expected to be a significant reorganization of warehousing space in India, with large hubs being developed in key locations, coupled with smaller spoke warehouses nearer to production and consumption centers. This reorganization is likely to lead to significant investments in modern warehousing infrastructure, and is expected to be the largest driver for warehousing industry in the past several decades. Several leading companies and logistics services providers have already set up these large warehouses, but many more are in desperate need of capital and know-how from foreign investors to capitalize on the opportunity.

Several distributed

warehouses

GST driven Warehousing Reorganization


iii) Development of infrastructure – the development of key infrastructure projects related to ports, highway and rail projects — such as the Golden Quadrilateral or GQ project, North-South-East-West or NSEW project and the Dedicated Freight Corridor or DFC project — is expected to result in the creation of new warehousing hubs aligned to these infrastructure points. Of the US$350 billion infrastructure investment planned by the Indian government, as per the 11th Five Year Plan (2007 – 12), an estimated US$75 billion will be spent on airports, ports, road and railway projects, which is expected to significantly improve the quality of supporting backbone infrastructure for logistics activity.

1 Source: Government of India press release (2010)



Key Infrastructure Points in India

Mumbai

JNPT

Mormugao

New Mangalore

Cochin

Tuticorin

Ennore

Chennai

Kolkata

Haldia

Paradip

Vishakhapatnam

Mundra

Kandla

Pipavav

New Delhi

Bangalore

Hyderabad

Ahmedabad

Pune

Secunderabad

Gorakhpur

Bilaspur

Bhubaneswar

Jaipur

Hubli

Jabalpur

GauhatiHajipur

GQ

NS Corridor

EW Corridor

Railways DFC

Major airports

Major ports

Zonal railway HQs


iv) Emergence of new storage models – several players in India — such as Multi Modal Logistics Parks (MMLP), Mega Food Parks (MFP) and Free Trade Warehousing Zones (FTWZs) — have announced next-generation storage models2. These large-scale projects are expected to significantly improve the quality of warehousing and storage space in the country, while allowing customers to reduce costs through economies of scale, government incentives offered and optimal usage of multiple modes of transportation.

Case StudyBuilding Out Modern Warehousing Infrastructure across India

SituationABC is a 20 year-old logistics company and started with the business of relocation services. It thereafter expanded into the transportation business through an acquisition and also began offering 3PL services. The company, with 850 trucks, has a turnover of US$100 million and is growing 20 – 25 percent per annum.

ComplicationABC was constrained by the lack of quality warehousing facilities in key locations across India, to support its core transportation and 3PL business. This led to poor storage services being offered to customers which reduced their stickiness to ABC.

ResolutionABC realized that the only way to become an integrated logistics player was to invest in warehousing assets themselves. Using Special Purpose Vehicle (SPV) structures, ABC separated the warehousing asset business from the services business. Through each SPV, ABC set up warehouses in key regions, often with the help of private equity funding. The company initially set up 1 million square feet of warehousing space across four prime locations in North India at a capital expenditure of US$50 million with private equity backing from a leading global fund. The company is currently planning to double its warehousing capacity in North India with a proposed investment of US$50 million to expand into more locations. Recently, ABC also set up another SPV which will invest US$70 million to add 2 million square feet of warehousing space across three locations in South India. The company is expected to get private equity funding for this SPV soon.

With a planned footprint of 4 – 5 million square feet, ABC is today one of the largest modern warehousing players in India. Its warehouses have features, such as racking systems, temperature control, fire and seismic resistance, leak proof structures, water harvesting, round-the-clock security, adequate office space and integrated retail operations. Currently, the company services leading clients across industries — such as retail, consumer products, chemicals and petrochemicals.

2 Source: Industry discussions, news releases (2010)



The Indian 3PL market is estimated to grow rapidly, as customers increase the level of outsourcing, encouraged by the ability of 3PL companies to provide quality services. This growth is expected to be further augmented by the penetration of 3PL services in India, which still lags many countries of the world.

Evolution of the Indian 3PL Market

Domination | Full global / national supply chain management and control

Innovation | Deep supply chain ownership and improvement proposition

Adoption of Customers | Industry focus and end-to-end logistics service capability

Beginnings of 3PL | Limited value addition, cargo control and asset ownership

Exposure to Global Models | Bringing in global models and technology paradigms

Limited Innovation | Multimodal transport solutions and warehousing

Achievement of Scale | Companies growing regional / national presence

Basic Logistics Need Fulfilment | FTL trucking and godowns

INCR

EASI

NG

CO

MPL

EXIT

Y AN

D CO

NTR

OL

Source: Indiastat, KPMG Analysis

Share of 3PL Logistics Market

9%

40%

57%

80%

0% 20% 40% 60% 80% 100%

India

Europe

US

Japan

As compared to the developed nations 3PL contribution in overall logistics activity in India is still at a nascent stage

Source: Indiastat database, KPMG Analysis



3PL: A New Logistics Services Paradigm for India

The penetration of 3PL and the propensity of customers to outsource have been most pronounced in transportation, followed by warehousing, as these have been historically easy-to-implement point solutions that most service providers can readily offer to customers. Customers still retain, in-house, the highest value-adding activities, such as production process alignment, invoicing and spare parts management, as 3PL vendors often lack the capabilities to deliver full supply chain solutions. Recently, some 3PL vendors have begun offering customers limited value added services centered around transportation and warehousing — such as packaging solutions within warehouses, tertiary transportation, production line feeding, spare parts testing and minor repairs.

Propensity to Outsource to 3PL

% respondents0 10 20 30 40 50 60 70

Transportation

Warehousing

Production

Spare-parts Management

Invoicing

Order Processing

Inventory Management

67%

33%

16%

12%

6%

6%

4%

Source: Managing 3PL relations, B.S. Sahay, Int. J. Integrated Supply Management, Vol. 2, Nos. 1/2, 2006



However, this level of 3PL activity has been limited to only a few industries — such as automotive, IT hardware, telecom and infrastructure equipment — with adoption across other mainstream industries such as consumer products being restricted due to limitations in the customers’ ability to pay, and the lack of logistics vendors’ ability to deliver high service levels at low cost.

HIG

HM

ED

IUM

LOW

LOW MEDIUM HIGHProfitability of 3PL

Gro

wth

of

Sec

tor

Current 3PL Penetration

High Neutral Low

CHEMICALS AND �INDUSTRIAL PRODUCTS

INFRASTRUCTURE EQUIPMENT

PHARMACEUTICALS

CONSUMER PRODUCTS

IT HARDWARE TELECOM

AUTOMOTIVE

RETAIL

Size of the bubble indicates the logistics spend for that segment (not to scale)Source: KPMG Analysis

As companies increasingly focus on costs and asset returns, while focusing on their core business and building customer-centric business models, the share of 3PL is expected to rise further.

From a 3PL service provider’s perspective, there are several critical success factors to be considered while offering end-to-end industry focused solutions to customers, and many of these can be delivered only with the assistance of international experts.



Relationships

Industry specificvalue-added solutions

Manpower

Ownership / controlover assets

Systems and processes

Efficient operations

Source: KPMG

Case StudyUsing 3PL to drive growth

SituationPQR started business as a mid-sized regional FTL company several decades ago. The company currently has a fleet of over 100 owned and leased trucks and is focusing on the automotive sector.

ComplicationDriven by the need to maintain or marginally grow vehicle prices, while facing significant price increases on the component side, Indian automotive companies began squeezing logistics vendor margins in order to control their own profitability. Automotive companies also began dissociating various parts of the value chain — be it transportation, storage or services — and offering these to multiple vendors, often on a lowest cost basis. PQRs inability to invest in assets, on the back of this uncertain demand, also affected their growth. As a result, the company started losing business to smaller, unorganized players.

ResolutionPQR decided to focus on a two-pronged strategy to win back and retain customers. Firstly, the company began following an asset light model, whereby it leased trucks and warehouses on short-term contracts, which helped it avoid spot rate variations while allowing it the leverage to grow supply in conjunction with demand. PQR followed this up with back-to-back matching duration contracts with key customers, while passing on some of the price gains from sourcing.

Secondly, the company decided to add warehousing and services to its portfolio. It leased a handful of warehouses near automotive clusters and began performing basic value-addition activities in these warehouses — such as component unpacking, testing, minor repairs, packing, loading and direct line feeding to the plant — which improved customer stickiness, differentiated it from point service providers and helped it improve its margins significantly (at times, two or three times its margins on the transportation side).

Currently, PQR is positioned as an automotive 3PL player, with a predominantly asset light scalable model. The company has significantly higher profitability than many of its FTL peers, and serves some of India’s leading automotive clients who have been its steady customers for the past two years.

ConclusionIn this paper, we have seen that there are various segments of logistics which differ in their levels of attractiveness, and that there are several niche sectors where there is an opportunity for foreign investors to participate.

We have seen how road has been the dominant mode of transportation in India but, faced with threats to business models and profitability, how trucking companies are transforming their business models to play across the broader logistics value chain – in segments such as warehousing, multimodal transportation, project logistics and 3PL. The warehousing market in India, which is currently highly fragmented, is likely to get increasingly organized, with the evolution of new business models such as modern warehouses and logistics parks. Lastly, the 3PL market in India, though nascent, is rapidly evolving as customers in industries such as automotive, IT hardware and telecom use outsourcing to control cost.

In the next part of this white paper, we will be covering key aspects around the main investment themes that foreign investors could focus on in India, as well as the associated risks and regulatory processes that they need to be aware of in order to participate in the Indian logistics growth story.



AcknowledgementsFor the purposes of this study, we relied on KPMG industry knowledge and prior engagement experiences. We also spoke with a number of logistics industry participants, who we would like to thank for their time and insights.

This white paper has been authored by Sankalpa Bhattacharjya.





About KPMG To meet the challenging demands of the transportation industry, KPMG member firms deliver a range of global Audit, Tax and Advisory services geared to industry needs. Think of KPMG’s global Transportation and Logistics practice as an extra resource — one that aims to be available as and when you need it. We understand the financial and operational drivers of the transportation and logistics sector and can assist clients in dealing with current and emerging issues.

The Indian industry, as a whole, faces a fiercely competitive and volatile business environment. It must fund high levels of ongoing investment to overcome infrastructure constraints and accommodate technological innovation, as well as changing customer demands. Few transport entities possess the resources to manage all these issues. This is where KPMG’s Transportation & Logistics practice can help. Our professionals can complement in-house capabilities, contribute to improved business decision making and performance, help reduce business risk and enhance management confidence as well as peace of mind. KPMG professionals can assist you with the following:

Planning an India market entry

KPMG’s Strategic and Commercial Intelligence (SCI) practice advises international companies on their India market entry plans, by helping them evaluate the attractiveness of various segments of the logistics industry (in terms of size, growth drivers, competitive landscape, profitability and returns), and assists them with the development of their strategy and business plan for the Indian market. KPMG’s Tax practice, in parallel, can help companies devise an optimal tax and corporate structure for market entry.

Creating value through transactions

KPMG’s global Finance and Transaction professionals help realize the potential of mergers, acquisitions, divestments and other capital transactions. If you are seeking to acquire a company in India, we can help you find suitable targets, evaluate them, negotiate and close transactions, and even assist with post-merger integration services.

Driving the audit further

KPMG’s independent insight and robust audit methodology aims to provide high quality audit opinions.

Managing tax strategically

KPMG’s Tax practice advises clients on effective tax management and compliance.

Managing risk to create value

KPMG firms can help organizations adopt an enterprise-wide approach to identify, prioritize, manage and monitor risk.

Enhancing internal controls

Internal audit is the foundation of a comprehensive assurance framework. KPMG firms can increase existing internal capabilities, either on a project basis or on a continuing basis.

Improving performance

KPMG firms can help organizations enhance their strategic and operational performance.

Responding to regulatory change

KPMG firms assists organizations in transforming regulatory compliance from just another cost and management issue to an important business value driver.

Funding infrastructure

KPMG’s Advisory professionals work with public and private infrastructure providers to create funding strategies.



Contact Us

Dr Ashley SteelPartner

Global Chair - TransportKPMG in the UK+44 20 7311 [email protected]

Justin ZatouroffPartner

Global Head of Logistics KPMG in the UK +44 20 7311 [email protected]

Manish SaigalExecutive Director

National Industry Leader - Transport & LogisticsKPMG in [email protected]: +91-22-3090 2410

Sankalpa BhattacharjyaAssociate Director

Strategic and Commercial IntelligenceKPMG in [email protected]: +91-124-334 5089


kpmg.com

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.The views and opinions expressed herein are those of the author and do not necessarily represent the views and opinions of KPMG International or any KPMG member firm.

© 2010 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.KPMG and the KPMG logo are registered trademarks of KPMG International Cooperative (“KPMG International”), a Swiss entity.Designed by Evalueserve.Publication name: Logistics in IndiaPublication number: 173083Publication date: November 2010

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