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| Edited By: Praveena Sharma |Source: |Updated: Sep 14, 2017, 03:55 PM IST
BANGALORE: US express transport company FedEx Corporation’s FedEx Express unit, which has already cornered a substantial share of India’s overseas express business has acquired Prakash Air Freight Pvt Ltd (Pafex) for $30 million in an all-cash deal.
This will give the US major a firm foot hold and a wider reach in the domestic logistic market in an instant.
Pafex, a privately held company, is one of the largest domestic express companies in India with more than 384 offices and depots serving around 4,400 destinations.
FedEx’s move is in line with recent trend where major logistic companies are consolidating in India.
A few months back, Dutch firm TNT NV acquired ARC India. Before that, Anil Ambani’s Reliance Capital Ltd picked up 44% in DTDC.
Sector leader DHL has also expanded its presence in India by acquiring a majority stake in Blue Dart.
The Secunderabad-based Gati Ltd is also looking for a strategic investor.
