New Delhi: Container Corporation of India (CONCOR), a Navratna PSU under the Ministry of Railways, has said that it has signed a service agreement with Russian Railways Logistics (A Joint Stock Company). The memorandum of understanding (MoU) has been signed for cooperation and collaboration in promoting intermodal transportation of cargo over the International North-South Transport Corridor (INSTC). Pursuant to this MoU, both the organisations have signed the Service Agreement on February 25 at New Delhi.
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This association is expected to pave the way for a seamless cargo movement between India and Russia, with greater economic movement
Intermodal transportation involves the transportation of freight in an intermodal container or vehicle, using multiple modes of transportation, without any handling of the freight itself when changing modes.
This service agreement gives broader responsibilities for transporting the cargo from India to Russia and vice-versa under a single invoice. This seamless transportation of containerised cargo will benefit both exporters and importers in India and Russia. It will also facilitate the reduction in transit time and cost of transportation compared to the existing transportation via Suez Canal.
Container Corporation of India Limited (CONCOR), is a Navratna PSU under the Ministry of Railways. The company was incorporated in March 1988 under the Companies Act and commenced operation from November 1989, taking over the existing network of seven ICDs from the Indian Railways. CONCOR is the market leader in the transportation industry, having the largest network of 84 ICDs/CFSs in India (75 terminals and 9 strategic tie-ups).
Joint Stock Company, Russian Railways Logistics is the largest multimodal logistics operator in Russia and CIS (Commonwealth of Independent States) countries, who are successfully operating multi-modal transportation in these areas.