Project financed by Exim Bank of India

 

MUMBAI: Sharp Logistics Pvt Ltd, having a long lasting relationship of 30 years with Industry stalwart Ashok Leyland flagged off the consignment of 90 vehicles out of the total 633 vehicles, on 28th June 2015, from Mumbai Port's BPX terminal on board a MOL car carrier, Serenity Ace. This consignment comprise a mix of LCVs, MDVs, fire tenders, ambulances, etc., This was ordered by the Ministry of Tourism and Hospitality, Government of Zimbabwe.

 

The final destination was landlocked Zimbabwe, through the port of Beira in Mozambique.

 

The CHA and stevedoring activities for this project is being handled by Sharp Logistics Pvt. Ltd.

 

The above contract is being financed by Exim Bank under its Buyer’s Credit under the National Export Insurance Account [NEIA] to the extent of USD 49.92 mn extended to Ministry of Finance and Economic Development, Government of Zimbabwe.

 

These vehicles will be utilized by the Ministry for Tourism and Hospitality activities, especially for promotion of domestic tourism, and supporting international tourism, disaster management, anti-poaching activities, peace missions and other related purposes.

 

The flagging off ceremony was graced by Mr Yaduvendra Mathur, CMD of Exim Bank; Mr Arijit Dutta Chowdhury, Business Head  Africa, International Operations, Ashok Leyland; Mr David Rasquinha, Deputy Managing Director of Exim Bank; Ms Harsha Bangari, General Manager, Exim Bank; Mr Chandra Kant Mishra, Controller Operations, Global Trucks, Ashok Leyland; Mr P B Sundarrajan ,Finance controller Mr Ashish Sheth, Managing Director of Sharp Logistics; and Mr Sarjak Sheth, Business Development Executive, Sharp Logistics, among others.

 

Mr Mathur of Exim Bank, while addressing the event, said this was an opportunity to actually see how development finance institutions deliver to customers. He pointed out that the Government of India had provided insurance cover to the bank on the loan taken by the Government of Zimbabwe, so that the latter would be able to service the loan.

 

He further said this consignment of vehicles would be used to strengthen tourism in Zimbabwe besides enhancing the ties between the two countries. He added that Exim Bank's BC-NEIA programme is an unique financing mechanism that provides a safe mode of non-recourse financing option to Indian exporters and serves as an effective market entry tool to traditional as well as new markets in developing countries.

 

The programme is aimed to serve India's national interest of export promotion and furthering the nation's economic objectives.

 

He also revealed that Exim Bank has an exposure of nearly $5 Billion in Africa, with Ethiopia, Mozambique and DR Congo being the top three countries. 

 

He commended the scheme under which this export was financed, and complimented the Exim Bank, Mumbai Port and Sharp Logistics teams for their efforts.

 

 On a lighter note, he further added that it would be a matter of pride for an Indian tourist to have a leisure ride in vehicles made by an Indian company in far off country like the Zimbabwe.

 

Mr Arijit Dutta Chowdhury of Ashok Leyland said that the aim of the function was to show the Exim Bank representatives how the end-to-end supply chain works at each stage to ensure the final delivery of product in an efficient manner.

 

He also mentioned that the Government of Zimbabwe had made its due diligence before selecting Ashok Leyland as its preferred partner for the logistics needs as the products are best suited for the tropical African countries.

 

Ashok Leyland has an ever increased focus on Africa, and every effort is made to accentuate after sales service, long term partnerships and engage as a local player in the major African destinations.

 

Mr Ashish Sheth, highlighted Sharp Logistics' three decades of association with Ashok Leyland, handling multiple shipments since years. The next lot of 155 vehicles were in port waiting for the next vessel.

 

He expressed his gratitude to Ashok Leyland, Exim Bank and Mumbai Port for their support, and also thanked all stakeholders on behalf of Mr Ravi Parmar, Chairman of Mumbai Port.

 

He further highlighted the activities of SARJAK Container Lines, a sister company of Sharp Logistics, a market leader with global presence in the project / ODC / OOG segment, with strong presence in African continent.