Container Corporation of India (Concor) is doing well today morning. From a close of Rs.548.35 yesterday, it opened at Rs.552.60 and went on to hit an intraday high at Rs.559.10, rising 2%. Its 52-week high is at Rs.582.80.
The company announced yesterday after market hours that it has signed an MoU with BHEL for jointly setting up Rail Based Logistic Terminal at Haridwar to leverage upon BHEL's strategic location and CONCOR's expertise in logistics.
This would be BHEL's strategic entry into a new growth area. This terminal would soon be developed into a Multi Modal Logistic Facility.
The proposed Multi Modal Logistics Park at Haridwar will have a state of the art logistics facility catering to the need of the EXIM & Domestic trade of this part of Uttarakhand. The facility would work as a Private Freight Terminal (PFT) which will facilitate the handling of Railway Wagons also. This terminal would meet the long awaited rail based facility in Haridwar area. BHELCON a Joint Working Group (JWG} entity is formed and a JWG agreement has been signed with equal financial participation by CONCOR and BHEL.
Besides meeting BHEL's own requirements, this terminal would cater to the large number of industries located at neighbouring SIIDCUL as well as other nearby industrial clusters. These industries would benefit as the cost of rail transportation is significantly cheaper than transportation by road. Moreover, the Haridwar plant is in close proximity to both the upcoming Eastern and Western Dedicated Freight Corridors and advantageously placed to take benefit of these in future.
Concor is a Navratna CPSE under Ministry of Railways, a market leader in Multimodal Logistics in India with a network of 83 Terminals across the country. BHEL has one of its largest manufacturing units at Haridwar, Uttarakhand since 1967. It has now three manufacturing units and one research centre in the state.