Apollo LogiSolutions (ALS), promoted by Raaja Kanwar, has announced its foray in the Inland Container Depot (ICD) segment by entering into joint venture named Kashipur Infrastructure Freight Terminal Private (JV) with India Glycols (IGL). ALS will hold 51% in the JV. ALS is a logistics arm of Apollo International, a diversification initiative of the Apollo Group promoted by Onkar Kanwar.

The JV will develop, manage and operate freight terminal at Kashipur, Uttarakhand at an estimated project cost of Rs 900 million. The JV will be funded through combination of debt and equity. The facility is expected to be operational by April 2015.

Commenting on the development, Raaja Kanwar, vice chairman and MD, Apollo LogiSolutions said, ''Our entry in the ICD segment is another significant step towards building integrated logistics capabilities. With this opportunity, we will not only be better equipped to handle and store containerised cargo but also provide our hinterland customers port services closer to their premises.''

US Bhartia, chairman, IGL, ''We are excited to work with the team at ALS. We will be supported by ALS domain expertise to manage supply chain management of our inbound and outbound cargoes to and from the manufacturing plant and thereby this partnership will allow us to concentrate more on our core business.''

Shares of the company declined Rs 1.65, or 1.3%, to trade at Rs 125.10. The total volume of shares traded was 56,602 at the BSE (2.51 p.m., Wednesday).