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FedEx to acquire AFL, Unifreight India by Feb next year

FedEx to acquire AFL, Unifreight India by Feb next year
PTI
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First Published: Wed, Nov 03 2010. 04 00 PM IST
Updated: Wed, Nov 03 2010. 04 00 PM IST
New Delhi:Global cargo firm FedEx Wednesday announced it will acquire Indian logistics company AFL and its affiliate Unifreight India and complete the transaction by February next year.
“This acquisition will give FedEx a more robust domestic ground network and added capabilities in India. FedEx expects that this transaction, which is subject to customary closing conditions, will close in the third fiscal quarter which ends February 2011,” a company statement said in New Delhi.
FedEx officials did not reveal how much the acquisition deal was worth.
AFL has been a leading firm in the transportation and logistics industry in India, offering a wide range of distribution and logistics services, including supply chain management, warehousing and a ground distribution network for all kinds of shipments.
“The acquisition supports our long-term strategy to grow our international business and better serve our customers seeking to expand or enter the Indian market”, FedEx Express COO Michael L Ducker said.
AFL chairman Cyrus Guzder will assume the role of executive advisor to FedEx, the global express transportation company, after the acquisition closes, the statement added.
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First Published: Wed, Nov 03 2010. 04 00 PM IST