NEW DELHI: Reliance Money, part of the Reliance ADA Group and large shareholder in National Multi Commodity Exchange, will soon widen its bouquet of services to manage goods stored in warehouses through a joint venture with Singapore-based warehousing company CWT Commodities, said a person involved in the venture.
The 50:50 joint venture will issue warehouse receipts that guarantee the quality and quantity of goods stored in its godowns, besides providing grading and sorting services. Reliance Money CEO Sudip Bandyopadhyay could not be contacted for an official comment on the development.
A subsidiary of Singapore Stock Exchange-listed CWT Ltd, CWT Commodities is a large global player that offers a host of warehousing, collateral management, and logistics services. The new Indian JV firm, Reliance CWT Commodities, will have equal representation on the board from both Reliance ADAG and CWT Commodities. The head of the new company is yet to be appointed, said a person who has knowledge of the partnership.
CWT Commodities already has a small presence in India through its South East Asia operations. Its sister company CWT Globelink India has offices in Delhi and Mumbai. CWT’s current business in India will now be channeled through the new company.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment