India’s logistics industry is forecast to become an over Rs 5.55 lakh crore ($120.42 billion) market by 2014, driven by growth in the manufacturing sector, a study by global consultancy Frost & Sullivan said.

The growth of India’s manufacturing sector over the last few years has created a wealth of opportunities for the logistics sector, according to a report by Frost & Sullivan. The research company has published its latest report – titled ‘Strategic Analysis of Indian Logistics Market’ – which suggests that the logistics market earned a total of US$75.19 billion in revenues last year, representing about 6.2 percent of the country’s GDP.

While 2009 was a year of caution for most private equity investment firms, 2010 is looking optimistic especially for the logistics sector, which expects to seal many a deals this year.

As Prime Minister Singh recently noted, India needs greater competition to keep food prices in check for the consumer. This would require the government to take a “firm view on opening up the retail trade.”

Caravel Logistics, a multi modal transportation company based in Chennai, has launched its first cellular container vessel at Tuticorin. Addressing presspersons here on Tuesday, Saju Chacko, Chairman of the company said the ocean liner, with a capacity of 585 TEU, would be deployed on Mundra-Kochi-Tuticorin-Dubai route and would have fixed day schedule helping customers preplan their shipments with certainty of cargo movement.

US-based BDP International (BDP) today announced a joint venture with India’s Unique Global Logistics called BDP Global Logistics (India) in which BDP will hold a 65 per cent stake and Unique Global Logistics, 35 per cent.

Leading container-shipping lines have posted huge losses in 2009 as market contracted for the first time since containerization went global in the 1970s, while capacity grew as new ships, ordered during boom years, came into service.

Transport Corporation of India Ltd (TCI) has announced that the Company has since acquired 10,20,000 equity shares of Rs. 10/- each at par value representing 51% equity stake in a JV Company, viz., Infinite Logistics Solutions Pvt. Ltd. (ILSPL). The remaining 49% equity stake has been held by M/s. Container Corporation of India Ltd. (CONCOR), a Govt. of India Undertaking under Ministry of Railways. With this, ILSPL has become a subsidiary of the Company.

Package delivery company FedEx Corp opened six new freight forwarding offices, including its first two in India, as part of an “aggressive” expansion of its Trade Networks segment.

While airlines have typically focused on passenger revenues, a surge in demand has led them to pay greater attention to the cargo side of the business.