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Allcargo Logistics is planning to cut costs by USD 30 mn by the end of 2023-24 due to the ongoing slowdown in the global logistics sector. The company also aims to raise up to INR 300 cr in equity funds for Gati, its express logistics business. Company's chairman Shetty said the cost cutting would include a rationalisation of the workforce and a freeze on hiring.
Allcargo Group's decision to restructure its domestic and international businesses into separate companies is expected to streamline synergies and manpower and infrastructure costs
Allcargo’s latest round of restructuring could be beneficial for shareholders, but analysts suggest a wait and hold call for the stock
During the board meeting, the company discussed and approved a proposal to sell a portion of their ownership in certain locations, namely Malur, Venkatapura, Kalina, Panvel, ALIPPL, and their wholly-owned subsidiary Allcargo Multimodal.
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