04-07-2007: Haisan to set up cold chain logistics in India

Haisan Resources Bhd has entered into a memorandum of understanding (MOU) with a member of the Beta Food Empire Group for a possible joint venture (JV) to establish a cold chain logistics operation in India.

Its wholly owned subsidiary IGLO International Ltd will start discussions on the JV with the Indian-based group's subsidiary Pace CFS Pte Ltd.

The equity participation in the JV company would be decided through a shareholders' agreement, Haisan said in a statement yesterday.

It will replicate IGLO's highly successful cold chain logistics business model in Malaysia and China, whereas Pace CFS will assist in the execution of the project and market the services throughout India.

The MOU paved the way for IGLO to develop a significant presence in cold chain logistics services in India, said Haisan president and chief executive officer Ong Chin Yet.

Beta Empire Group is one of the largest food processing companies, while Pace CFS runs a container freight station in Kochi, in the Indian state of Kerala.

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