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Dubai: Bahrain's Khaleeji Commercial Bank (KCB) has launched a new firm, Global Logistix Navi Mumbai Investment Company, to fund the development of India's first integrated logistics city project in Mumbai's satellite township.
The new company has a target capital of $430 million, which will aid in the development of the project that is set to come up on a 400-acre site, Bahrain's state-run Bahrain News Agency (BNA) reported.
"Global Logistix stands to play an integral part in Navi Mumbai. The economic conditions in India are perfect at the moment to support such an initiative," BNA quoted KCB chief executive Ebrahim H. Ebrahim as saying in a statement.
"We are looking forward to sustaining this important endeavour as it will aid the infrastructure and logistics industry development that is sorely needed in that region of the world," he added.
The project is a logistics-focussed real estate development comprising an integrated logistics park on 400 acres of land.
The initial development projects supported by this investment fund will include construction of warehouses, control building, maintenance depots, staff accommodation, parking areas and various other amenities.
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