Wee Sui Lee/Reuters
Singapore: Toll Holdings Ltd, Australia’s top transport group, said on 14 June Asia would account for more than 20% of group earnings in the next five years, compared with less than 10% now.
Toll, which made a cash offer to buy the rest of Singapore’s Sembawang Kimtrans for as much as $156 million on 13 June, is looking for more acquisitions in Asia, particularly India, chief executive Paul Little told Reuters in an interview.
“Asia is generally a high level of focus for us from an acquisition and a growth point of view,” Little told Reuters on the sidelines of a press briefing.
“I was in India two weeks ago, we may be looking at opportunities there,” he said, adding that Toll is in talks with India’s Tata Group about strategic alliances.
Little said that Toll is interested in the express courier business in India, and in additional warehousing and distribution companies.
“The logistics sector in India is very, very fragmented,” he said, adding that Toll may “acquire either a larger business or perhaps a number of smaller ones.”
Little also said Toll plans to remain as the main shareholder in airline Virgin Blue Holdings Ltd.
Speculation has been rife about Toll’s likely sale of a 62.3% stake in Virgin, which at the current market price is valued at about A$1.6 billion ($1.34 billion).