The equity investment firm had invested in Karanja Port in March
Delhi-based equity investment firm Hunch Ventures is following up its investment in Karanja Ports in Maharashtra, with similar plans in the southern and eastern parts of the country.
The company had in March invested Rs 75 crore in Karanja Ports, the newly-opened facility managed by Mercantile Ports and Logistics (MPL).
"We want to build more ports, in the southern and eastern parts of the country, and connect them through a network of warehouses and other logistics infrastructure," Karanpal Singh, Founder, Hunch Ventures, told Moneycontrol.
MPL will be the preferred vehicle for the expansion. The Rs 75-crore investment in Karanja Ports had given Hunch Ventures 23 percent stake in the company. Singh added that the investment firm has the option to further increase its stake.
Hunch Ventures is betting on increasing infrastructure and logistics requirement of the Indian economy, among the fastest growing in the world.
Apart from the ports, it is also building a logistics facility near Delhi, and is looking to set up more in "a couple of other locations," said Singh.
The Karanja Port, in Maharashtra's Raigad district is spread over 200 acres and has access to state and national highways. It is located near Jawaharlal Nehru Port, Karanja will hope to ease some of the pressure from its larger peer, which is the largest in the country.
"This facility will play a key role in developing the region, encouraging the utilisation of India's waterways and coastal routes to efficiently move cargo," Singh said.
Hunch Ventures invests in core sectors and has investments in sectors such as healthcare, education, retail and hospitality. Earlier this year, it had tied up with Fly Blade Inc., the largest arranger of helicopter flights for civilian travel in the US, to launch services between Mumbai and Pune.
"The service will begin after the General Elections," said Singh.The elections, conducted in seven phases, get over on May 23, when the results will be announced.