US firm to buy India's Prakash Air Freight for $30m
Our Correspondent, New Delhi
FeDex Corp, the 33-billion dollar American logistics major, has announced that its unit FeDex Express agreed to acquire Indian service provider Prakash Air Freight for 30 million dollars in an all-cash deal."The acquisition will solidify the FeDex leadership position with India," said Robert W Elliott, President, FeDex Express, Europe, Middle East, Africa and Indian subcontinent in a statement here on Thursday. Prakash Air Freight is one of the largest Indian cargo companies operating with more than 384 offices and depots and serving nearly 4,400 destinations. FeDex Express, a unit of FeDex Corp, the Memphis-based international cargo carrier that serves more than 22 countries, has been operating in India since 1984 and said acquiring the Indian company is "the next logical step in the ongoing development" of its India business. "As one of the fastest growing economies, India presents enormous opportunities for our customers and this continued and rapid growth has increased India's importance in the global economy," said Michael L Ducker, President of FeDex Express International.
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