Kerry Logistics has signed a memorandum of understanding with Indev Logistics to raise its stake in the Chennai-based company from 30% to 50%.

According to Kerry, INDEV is to be rebranded as Kerry-INDEV Logistics.

George Yeo, chairman of Kerry Logistics [third from right in photo], said that his company has always held an optimistic view of India’s potential.

“Kerry Logistics’ strength in providing customized supply chain solutions to different industries and INDEV’s strong presence and network in India make Kerry-INDEV Logistics a strong pan-Indian combination which we hope can make a contribution to the country’s growth and development,” said Yeo at a ceremony held in New Delhi. “India has become one of the fastest-growing economies in Asia. We see the introduction of Goods and Services Tax and the current campaign to ‘Make in India’ as being very positive for the quantitative and qualitative expansion of the logistics industry.”