CONCOR and Joint Stock Company, Russian Railways Logistics have executed a Memorandum of Understanding for cooperation and collaboration in promoting intermodal transportation of cargo over the International North-South Transport Corridor (INSTC).

The company its regulatory filling to stock exchanges said, ''This association is expected to pave way for a seamless cargo movement between India and Russia, with greater economic movement.''

''This service agreement gives the broader responsibilities for transporting the cargo from India to Russia and vice-versa under a single invoice. This transportation of containerized cargo will benefit both exporters and importers in India and Russia. It will also facilitate reduction in transit time and cost of transportation compared to the existing transportation via Suez Canal,'' added the company.

CONCOR is the market leader in containerized rail transportation in India with its largest network of 84 ICDs/CFS in our country. Joint Stock Company, Russian Railways Logistics is the largest multimodal logistics operator in Russia and CIS countries, who are successfully operating multi modal transportation in these areas.

Shares of the company declined Rs 5.60, or 1.09%, to settle at Rs 510. The total volume of shares traded was 30000 at the BSE.