MTO Logistica Multimodal SA is putting up 330 million reais or US$163 million into a logistics platform to transport cargo between Brazil's largest cities. The billionaire Gradin family would be putting up the money in a bet that it can increase cargo costs in Brazil.
Miguel Gradin in a statment said through an email. "MTO targets becoming the leading company in Brazil for multi-modal transportation. Investing in logistics is aligned with Brazil's current needs, it is an area where Brazil has shortages."
Brazil is now experiencing increased costs of transportation, accounting for 58% of the total cargo of the country having to face stricter environmental and driving rules and regulations as well as increasing fuel costs.
MTO is based out of Rio de Janeiro and has a standing agreement with MRS Logistica SA to use its railway facilities for the transport consumer products. This partnership was confirmed by CEO Andre Chiarini.
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