Crown Worldwide to invest $15 million in India

Mumbai: Crown Worldwide Group, global major in logistics, record management, and relocation business, is expanding its footprint in India, despite global recession. For the calendar year 2009-10, the company would be investing $15 million here.

Last year, the company had achieved a global turnover of over $700 million. Operating from 50 countries, Crown provides corporations and private customers with transportation of household goods and fine arts, business information storage, high value warehousing, freight forwarding and third-party logistics.

Warehouse facilities
In India, its main business is movers and packers for the expatriate community and management of high value documents for banks, financial institutions and law firms.

Mr James E. Thompson, Founder Chairman of the group, told Business Line that the new investments would be used for setting up warehouse for document management division. The business of managing documents for other companies is booming, therefore, the company has started new building projects, which will create warehouse facilities in Chennai and Mumbai, he said.

“Every time we build a warehouse we fill it up with documents, therefore, we need more space. Technologies such as the Internet and e-mail has also led to more paper documentation. More hard copies of important documents are being stored by companies. Globally, we are storing documents in 20 million cubic feet and in India storing it in 1.5 million cubic feet,” Mr Thompson said.

Recession impact
He said that the global recession has left a marginal impact on movers and packers division. The global relocation of business executives is happening in spite of the slowdown, some of the executives who have lost their jobs are moving back to their home country. While other executives are being relocated to places where their skills are urgently required, he added.

For the calendar year 2009-10, the company would be investing $30 million for its global operations and by 2014 it would increase to $150 million.
“Even as I say business is good, we are cautious about our capex spending. Our investment and growth figures are not very dramatic but we intend to have stable growth without too much risk,” said Mr Thompson.