Leading integrated logistics services provider Allcargo Logistics, which is expecting volumes to normalise by August after being disrupted by COVID-19, is also continuing on its plan to become asset-light.
After selling is logistics park assets to private equity major Blackstone, the company is now evaluating its crane business. “We have sold some of the cranes. We won’t further invest in the business, and are reviewing the portfolio,” Deepal Shah, Chief Financial Officer told.
Shah said utilisation of the cranes had dropped from 85 percent to 15 percent after a nationwide lockdown was imposed to limit the spread of COVID-19. “The utilisation has improved to up to 65 percent as economic activity has picked up in green zones,” Shah said.