TCI to Diversify into Real Estate with Pan-India Projects
Transport Corporation of India (TCI), traditionally focused on cargo transportation across land and sea, is venturing into the real estate business. The company plans to leverage its extensive land holdings across India for this new initiative.
"We plan to get into the real estate sector as we have land bank all over the country,” TCI Executive Director Vineet Agarwal said.
Residential and Commercial Projects on the Horizon
TCI possesses 200 properties nationwide and intends to develop several of these for both residential and commercial endeavors. A dedicated real estate division has been established within the company to spearhead this expansion.
"We have identified quite a few of our land properties for a foray into the sector. We have even set up a real estate division in our company for the business,” Agarwal said, but declined to give the investment figure for the foray.
Warehousing Expansion Alongside Real Estate
In addition to its real estate venture, TCI is expanding its warehousing capacity significantly. It currently boasts 7.5 million square feet of warehousing space and aims to increase this to 12.5 million square feet within the next two to three years.
Global Expansion Plans
TCI is also broadening its global footprint. The company is looking to establish offices in China, Thailand, and several European countries during the current financial year, focusing on nations with substantial trade volumes with India. This follows recent office openings in Indonesia, Hong Kong, and Singapore.
"We will open offices in the countries with which India has respectable volume of trade. We have recently set up our offices in Indonesia, Hong-Kong and Singapore. Now we are considering China, Thailand and Europe,” Agarwal said.
Investment in Trucks and Ships
TCI has also earmarked Rs 200 crore for investment in trucks and ships over the next two years to bolster its existing transportation infrastructure.