NEW DELHI: Federal Express Corporation (FedEx) plans to invest USD 150 million to develop an air cargo hub spread across 2,30,000 square feet at the Delhi airport.
The groundbreaking ceremony for the facility was held in the national capital on Tuesday in the presence of Civil Aviation Minister K Rammohan Naidu, who said India should be the backbone for air cargo movements.
The integrated air cargo hub will be set up at GMR Cargo City at the Indira Gandhi International Airport (IGIA) and will help strengthen the connectivity across North and East India, linking businesses with global markets, FedEx said in a release.
FedEx said the hub, once operational, is designed to increase processing capacity from 600 to 5,000 packages per hour, and can be scaled up further.
"The proposed facility represents a long-term investment of approximately USD 150 million by FedEx," the release said.
At the current exchange rate, USD 150 million is worth over Rs 1,400 crore.
FedEx is a leading express transportation company and uses a global air and ground network for shipments.
GMR Cargo City will be developed in phases, and the construction work is expected to start shortly.
At the ceremony, Civil Aviation Secretary Samir Kumar Sinha said efforts are on to remove all bottlenecks for air cargo movements.