AVG Logistics bags contract worth Rs 150 crore from Indian Railways

AVG Logistics Ltd on Tuesday said it has bagged a contract worth Rs 150 crore for the lease of Parcel Cargo Express Train (PCET) from Indian Railways. This special train, connecting Bengaluru to Ludhiana in Punjab, will complete one round trip every week over the next six years.

"Earning revenue of Rs 150 crore through this contract will not only boost our revenue but also fuel our motivation to undertake many more such ambitious projects and elevate our financial performance," AVG Logistics Ltd Managing Director and CEO Sanjay Gupta said in a company's stock exchange filing.

The cargo express train will cover the distance in 72 hours. The company said that Ludhiana is an invaluable addition to its railway network, opening doors to the textile market and cycle manufacturing. The company specializes in road and rail transportation, reefers, cold chain, and warehousing segments with over 50-plus fully automated branches across the country.